Twitter Opens Well, S&P Has Worst Day Since August
"This crowns Twitter probably as the most expensive IPO on a price-to-sales metric ever," said Channing Smith, managing director at Capital Advisors in Tulsa, Oklahoma. "With this multiple, you're leaning on everything going right," Smith said.
The rest of the market was more downbeat. Qualcomm (QCOM.O) shares fell 3.8 percent to $67.09, one of the biggest drags on both the S&P 500 and Nasdaq 100 .NDX, after the company forecast revenue below expectations.
The Dow Jones industrial average .DJI was down 152.90 points, or 0.97 percent, at 15,593.98. The Standard & Poor's 500 Index .SPX was down 23.34 points, or 1.32 percent, at 1,747.15. The Nasdaq Composite Index .IXIC was down 74.61 points, or 1.90 percent, at 3,857.33."
SMH. I ain't buying twitter