Many wise analysts warned that Facebook would “suck the air out of the room” on its IPO. The feeling there was that other stocks would be sold to raise cash to buy FB on its IPO last week. That seemed to happen as the market was weak going into the IPO.
Well, Facebook is still sucking the air out of the room. Gary Kaminsky reported on CNBC that due to the over-allocation of shares which occured, investors were selling their other stock holdings in order to raise cash to pay for their unwanted holdings of FB. Apparently, they found selling the dog called Facebook just too painful to bear and are choosing to sell their winners instead.