NEW YORK — Rather than igniting a new market boom, Facebook Inc.’s much-touted initial public offering fizzled Friday, leaving investors right where they were before the hubbub — mired in worries over Europe’s economy and political morass.
Shares of the social media company closed up just 23 cents to $38.23 — having risen to as high as $45 in midday trading. That gives the company a market capitalization of $105.63 billion. There were hopes that a rising Facebook would help other new economy companies, but shares of Amazon.com Inc. fell 2.1 percent to $213.85 and eBay Inc. sank 1.7 percent to $38.36.
The S&P Retail Index declined 0.6 percent, or 3.58 points, to 590.78 as the Dow Jones Industrial Average declined 0.6 percent, or 73.11 points, to 12,369.38. European markets also declined, with London’s FTSE 100 leading the way down with a drop of 1.3 percent to 5,267.62
Running countertrend were three companies that weighed in with first-quarter results. Shares of Pacific Sunwear of California Inc. gained 9.3 percent to $1.29 after its losses narrowed; Aéropostale Inc. rose 4.4 percent to $18.49 despite a 34.5 percent profit drop, and Ann Inc. rose 3.2 percent to $26.68 after topping analyst earnings expectations.
For Facebook chief executive officer Mark Zuckerberg, the IPO might well be an “out of the frying pan and into the fire” moment. The intense buildup to the offering is over, but the scrutiny and second guessing that all public companies enjoy is just beginning. A few fashion industry titans weighed in with some advice on how Zuckerberg might handle all the new attention.
“To Mark Zuckerberg: Congratulations, well done!” said Leonard Lauder, chairman emeritus of the Estée Lauder Cos. Inc. “Just remember: When looking at all the other people in your space that nothing stays golden forever. Start thinking about tomorrow today.”
Michael Kors added, “Don’t pay attention to fashion naysayers, Mr. Zuckerberg! I wore black crewnecks, black jackets and jeans before my IPO and I continue to do so after. It’s your talent, vision and performance that people are interested in.”
Donna Karan had a slightly different take: “He doesn’t need our advice — he should advise us. Really, though, there are so many things that need help in this world, and he can help, and help us, make the big changes.”
A grooming moment between @tanfrance and @antoni last night at the The LGBT Community Center Trailblazer Awards honoring Anna Wintour, Ricky Martin and more. See more photos at WWD.com #wwdeye (📷: @lexieblacklock)
“It was a very surreal feeling. It wasn’t like we were in the studio together coming up with it — it’s more like he discovered it and loved it. I didn’t let myself get my hopes up, but then it happened it was very exciting,” said singer-songwriter @nombe on discovering that @pharrell would be using his song, “Cant Catch Me” on his HBO documentary series “Outpost.” The German-born singer — named Noah MacBeth — talked to WWD about feminism, using art as a platform for political expression and personal style. Read more on WWD.com #wwdeye (📷: @jilliansollazzo)
This season, denim is going west – in influence. Brands like @fathersdaughterla (pictured here), @tommyhilfiger Jeans, @levis and more are opting for raw, top-stitching styles. (Styled by @thealexbadia; 📷: @ryanplett)
20-year-old British singer @jorjasmith_ made her debut at Coachella last weekend. We caught up with her and talked about her love for Amy Winehouse, working with Kendrick Lamar on the “Black Panther” album and her fashion philosophy. Read the interview on WWD.com #wwdeye (📷: @katiedaisyla)
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)