Facebook, Zynga and Groupon IPOs Meet their Comeuppance

At the time of writing, investors in Facebook Inc (NASDAQ:FB)'s IPO, priced at $38, have received a percentage haircut of about the same amount on their investment. Though shares have been falling right from day one, yesterday’s announcement of Facebook’s first quarterly result as a public company, a not-so-memorable one at that, precipitated an another 11 percent fall today. In many ways the days leading up to Facebook’s IPO were reminiscent of the ill-fated tech boom-and-bust. Those days too, slender and nebulous technological reasons were sought out to justify the bloated valuations of companies,...