

Crazy But True: A $4,000 Facebook Limit Order - daegloe
http://blogs.wsj.com/marketbeat/2012/05/18/crazy-but-true-a-4000-facebook-limit-order/

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smnl
This isn't a big deal at all - it's basically just a market order. Whoever put
in that order will just get filled at the best ask price - probably around
$41.

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ahi
The reason being that market orders are restricted in the early going. or so I
am told.

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hkmurakami
Right. There was legislation that went into effect after the Zillow IPO (I
believe two months after said IPO) that restricted market orders on the first
day that a stock becomes listed on an exchange.

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nostromo
I'm betting it was a typo of 40.00.

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HardyLeung
Definitely. Not even "putting in a large number so I'll get whatever market
clearing price". At $4,000 Facebook will be worth $10T.

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laconian
Now the WSJ is going all Demand Media on us with this garbage content.

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brown9-2
Which seems more likely, that someone genuinely placed this order thinking
that the trigger would actually happen, or that someone planted this story to
get their name in the press? Notice how it's according to a specific, and
named, director at a specific company.

