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Zillow stock soars, then falls, on first day of trading

Zillow-Opening-Day.jpg
Zillow, Inc.
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"Z" is for Zillow! Zillow executives and employees in Times Square celebrating the first day of trading on the NASDAQ.

What goes up often comes back down. Seattle-based real estate website Zillow, Inc. set its IPO price at $20 a share yesterday. It was offered for sale on the NASDAQ Stock Market at $60 a share this morning, but quickly fell into the $40 range.

It hit a low point at $32.50. By the close of trading, it was selling for $35.80...a 79% increase over the IPO price. 

Zillow's debut is also noteworthy because it uses only the letter 'Z' as its stock symbol, making it the first company with a single letter ticker symbol on the NASDAQ.

Wonder why prices often skyrocket after an IPO? Check out our Money Matters conversation about IPO fever from last May.

 

Dave Meyer has been anchoring KNKX news shows since 1987. He grew up along the shores of Hood Canal near Belfair and graduated from Washington State University with degrees in communications and psychology.
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