May 18, 2012 will be remembered as a day of more hype than substance.  A flurry of frenzied activity marked the first 30 seconds of Facebook's (Nasdaq: FB) entry into the world of publicly traded companies with volume surging to more than 80 million shares.  By the end of the day, an IPO record of nearly 567 million shares were traded as investors clamored to own a piece of the social networking giant.  But the stock price hovered near its offering price.

"Facebook disappointed by going nowhere - the hype didn't carry it through," said Margaret M. Black-Scott, President & CEO of Beverly Hills Wealth Management. "What's next? Can Zuckerberg show that they have a truly disruptive product and gain traction in the after market. Our clients are waiting and hoping."

On Thursday, Facebook priced its IPO at $38 per share to raise $16 billion.  The stock opened higher at $42.05 and climbed to $45 only to retreat as the stock failed to catch fire.  The largest internet IPO ended the historic day up a modest 23 cents to close at $38.23.

Originally slated to sell 337 million shares, Facebook cited strong demand for increasing its offering to approximately 421 million shares barely two days before making its market debut.  Even with the added shares, the offering was greatly oversubscribed.

"Frankly, I think the excitement for Facebook is overdone," said Jason Raznick, CEO at Benzinga.com on Thursday. "I doubt that the stock will maintain the premium that has been building during the media frenzy. I'd be careful investing into it at the $38 IPO pricing."

Facebook founder and chief executive Mark Zuckerberg rang Nasdaq's opening bell this morning as investors eagerly awaited active trading of FB on the tech heavy exchange.  Zuckerberg sold 30.2 million of his shares which added $1.1 billion to his bank account.

Zuckerberg launched Facebook in 2004 as a Harvard sophomore with membership limited exclusively to Harvard students.  Membership was soon extended to other colleges and universities.  Facebook now boasts over 900 million users around the world.

Facebook reported 2011 revenue of $3.7 billion and profit of $1 billion.  With a valuation of approximately $104 billion, Facebook's P/E is a staggering 104.

The disappointing market debut of social networking giant Facebook weighed the markets down to a lower close with the Dow falling 73 points to 12,369. Nasdaq dropped 34 points to 2778.

On the upside

Bargain hunters snapped up shares of Clearwire (Nasdaq: CLWR).

Beazer Homes (NYSE: BZH) formed a real estate investment trust to acquire, refurbish and lease previously-owned single-family homes.

Rising gold prices lifted shares of AngloGold Ashanti (NYSE: AU).

On the downside

Online social games company Zynga (Nasdaq: ZNGA) tumbled after Facebook's (Nasdaq: FB) disappointing market debut.

Shares of JA Solar (Nasdaq: JASO) continued falling after the Commerce Department announced new tariffs yesterday on solar panel imports from China.

Mad Money's Jim Cramer rated Walter Energy (NYSE: WLT) a Sell.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 747.

The downgrade of five Greek banks weighed the markets down during the midday with the Dow losing 44 points to 12,397. Nasdaq fell 18 points to 2794.

On the upside

Facebook (Nasdaq: FB) opened above its IPO price of $38 and reached a high of $45 before slipping down to $40.98 at midday.

Rising natural gas prices lifted shares of Chesapeake Energy (NYSE: CHK).

Brown Shoe (Nasdaq: BWS) reported sharply lower first quarter earnings on higher markdowns but the results were better than expected.

On the downside

Profit taking sank shares of FriendFinder Networks (Nasdaq: FFN) whose stock price soared yesterday ahead of Facebook's (Nasdaq: FB) market debut.

Firsthand Technology Value Fund (Nasdaq: SVVC) and GSV Capital (Nasdaq: GSVC), which acquired stakes in Facebook (Nasdaq: FB) before the initial public offering, tumbled as shares of the social networking site failed to surge.

Schnitzer Steel Industries (Nasdaq: SCHN) warned that higher raw material expenses will pressure margins in the third quarter.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 753.

The markets opened flat with the Dow adding 3 points to 12,446 while Nasdaq eased a point to 2812. Greece's downgrade further into junk territory tempered enthusiasm for Facebook's initial public offering.

On the upside

Technology blog AllThingsD reported that Yahoo (Nasdaq: YHOO) was finalizing details of plan to sell nearly half of its stake in Alibaba Group for approximately $7 billion.

CLSA Asia-Pacific Markets upgraded Salesforce.com (NYSE: CRM) to a Buy rating and lifted its price target to $180 from $160.

First quarter earnings for Foot Locker (NYSE: FL) soared to surpass analysts expectations as revenue rose.

On the downside

Autodesk (Nasdaq: ADSK) reported higher first quarter earnings and revenue but warned that second revenue will fall short of analyst expectations.

Coventry Health will not cover the cost of Sequenom's (Nasdaq: SQNM) Down syndrome test MaterniT21 as originally announced on May 9.

Investors locked in profits on Renren (NYSE: RENN).

In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 755.

Concerns of a Greek default sent the markets tumbling to a sharply lower close with the Dow plummeting 156 points to 12,442. Nasdaq plunged 60 points to 2813.

On the upside

Shares of social networking site FriendFinder Networks (Nasdaq: FFN) surged ahead of Facebook's initial public offering tomorrow.

The Commerce Department announced 31% tariffs on Chinese solar panel imports which lifted shares of domestic solar energy firm SunPower (Nasdaq: SPWR).

A Seeking Alpha contributor listed Barrick Gold (NYSE: ABX) as one of three gold stocks with the potential to soar over the next two to three years. 

On the downside

Profit taking sank shares of Herbalife (NYSE: HLF) whose stock priced spiked yesterday after Greenlight Capital's David Einhorn did not recommend shorting the stock.

Shares of construction equipment company Terex (NYSE: TEX) after Caterpillar (NYSE: CAT) reported a slowdown in sales last month.

Yingli Green Energy (NYSE: YGE) responded to the Commerce Department's 31% tariff on solar imports from China by affirming its commitment to serving the U. S. market and to creating a competitive marketplace.

In the broad market, declining issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 17 points to 754.

The markets extended its losses during the midday with the Dow dropping 78 points to 12,520 despite a drop in mortgage rates as investors monitored political developments in Greece. Nasdaq tumbled 31 points to 2842.

On the upside

Rising gold prices lifted shares of Eldorado Gold (NYSE: EGO), Goldcorp (NYSE: GG) and Kinross Gold (NYSE: KGC).

Ctrip.com International (Nasdaq: CTRP) reported lower first quarter earnings but revenue rose to top analyst estimates.

Sears Holdings (Nasdaq: SHLD) swung to a first quarter profit and announced plans to spin off Sears Canada. 

On the downside

The Securities and Exchange Commission has opened an investigation into Dendreon (Nasdaq: DNDN).

GT Advanced Technologies (Nasdaq: GTAT) reported higher fourth quarter earnings and revenue but the results fell short of expectations.

E-Commerce China Dangdang (NYSE: DANG) fell to a loss for the first quarter and forecast second quarter revenue below analyst estimates.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 9 points to 762.

Despite an increase in pending home sales, the markets opened lower with the Dow slipping 25 points to 12,572 as European debt concerns continued to weigh on investors. Nasdaq lost 18 points to 2855.

On the upside

Wal-Mart (NYSE: WMT) reported higher first quarter earnings that topped analyst estimates as revenue rose.

Warren Buffet's Berkshire Hathaway will pay approximately $142 million to acquire 63 newspapers from Media General (NYSE: MEG).

A Seeking Alpha contributor expects Galena Biopharma (Nasdaq: GALE) shares to climb over the next three weeks leading up to the American Society of Clinical Oncology conference. 

On the downside

Shares of MEMC Electronic Materials (NYSE: WFR) continued falling after announcing the immediate resignation of chief financial officer Mark Murphy yesterday.

Advance Auto Parts (NYSE: AAP) reported higher first quarter earnings but the results fell short of analyst expectations and the automotive parts retailer warned of a challenging second quarter.

GameStop (NYSE: GME) disappointed with lower first quarter earnings and revenue and forecast second quarter income well below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 5 points to 766.

The markets closed lower with the Dow losing 33 points to 12,598 after the European Central Bank confirmed that it will no longer fund undercapitalized Greek banks. Nasdaq fell 19 points to 2874.

On the upside

Relieved investors snapped up shares of Herbalife (NYSE: HLF) after Greenlight Capital's David Einhorn made no mention of shorting the stock at the Ira Sohn conference.

Bargain hunters lifted shares of Nu Skin Enterprises (NYSE: NUS) whose stock price tumbled after a weekend Barrons article noted that 90% of Nu Skin distributors in the United States are not profitable.

Shares of Renren (NYSE: RENN) continued rising after reporting better than expected first quarter results after market close on Monday. 

On the downside

MEMC Electronic Materials (NYSE: WFR) chief financial officer Mark Murphy resigned today and will be replaced by Brian Wuebbels immediately.

Greenlight Capital's David Einhorn said that Martin Marietta Material (NYSE: MLM) was overvalued.

Shares of Millennial Media (NYSE: MM) continued falling after reporting first quarter revenue that fell short of estimates and forecasting second quarter and full year revenue below expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 5 points to 772.

The European Central Bank halted refinancing operations with certain Greek banks. The markets traded mixed during the midday with the Dow rising 20 points to 12,652 while Nasdaq slipped 2 points to 2981.

On the upside

A Food and Drug Administration advisory committee unanimously recommended approval for OraSure Technologies' (Nasdaq: OSUR) OraQuick In-Home HIV Test.

SAC Capital has acquired more than 4.7 million shares of Goodyear Tire & Rubber (NYSE: GT) in the first quarter.

Legg Mason (NYSE: LM) will repurchase $1.25 billion in convertible senior notes and increased its stock buyback plan by an additional $1 billion. 

On the downside

Velti (Nasdaq: VELT) narrowed first quarter losses more than expected as revenue surged but investors were disappointed that its full year guidance fell in line with expectations rather than surpassing analyst estimates.

Standard & Poor's downgraded Patriot Coal's (NYSE: PCX) credit rating to a B-.

Shares of Tata Motors (NYSE: TTM) fell after Mercedes-Benz unveiled the latest M-Class sport utility vehicle model for the Indian market.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE and while advancers outpaced decliners by a narrow margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 778.

A 2.6% gain in April housing starts lifted the markets to a higher open with the Dow climbing 83 points to 12,715. Nasdaq gained 19 points to 2913.

On the upside

Sina (Nasdaq: SINA) narrowed first quarter losses more than expected as revenue rose.

Canaccord Genuity upgraded SandRidge Energy (NYSE: SD) to a Hold rating.

Medicare will now cover Rosetta Genomics' (Nasdaq: ROSG) miRview mets2 assay. 

On the downside

J.C. Penney (NYSE: JCP) fell to a larger than expected loss for the first quarter as revenue dropped.

Newcastle Investment (NYSE: NCT) priced its public offering of 20 million common shares at the discounted price of $6.71 per share.

Abercrombie & Fitch (NYSE: ANF) disappointed with sharply lower first quarter earnings as expenses climbed.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 4 points to 782.

The markets closed lower with the Dow falling 63 points to 12,632 as Greece prepares to hold new elections next month. Nasdaq lost 8 points to 2893.

On the upside

An increase in homebuilder sentiment lifted shares of Hovnanian Enterprises (NYSE: HOV).

OPNET Technologies (Nasdaq: OPNT) reported higher fourth quarter earnings and declared a quarterly dividend of 15 cents per share payable on June 28, 2012 to shareholders of record June 14, 2012.

FriendFinder Networks (Nasdaq: FFN) widened first quarter losses more than expected but the social networking site increased new adult subscribers for the first time in six months. 

On the downside

McEwen Mining (NYSE: MUX) discovered high grade gold in a new vein at its El Gallo Complex but the stock price fell.

Jaguar Mining (NYSE: JAG) reported lower first quarter earnings as sales dropped.

Retreating silver prices weighed down shares of Silvercorp Metals (NYSE: SVM).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped a point to 777.

Homebuilder confidence rose in May to lift the markets higher during the midday with the Dow adding 13 points to 12,708. Nasdaq rose 13 points to 2915.

On the upside

TJX (NYSE: TJX) reported sharply higher first quarter earnings that topped analyst estimates as revenue climbed and the discount retailer lifted its full year earnings outlook.

Second quarter earnings climbed for Agilent Technologies (NYSE: A) as revenue rose and the scientific instrument maker forecast current quarter sales ahead of estimates.

Glu Mobile (Nasdaq: GLUU) will present at the 13th Annual B. Riley & Co. Investor Conference on Wednesday, May 23, at the Sterne Agee 2012 Technology Conference on Thursday, May 24 and at the Cowen and Company 40th Annual Technology Media & Telecom Conference on Thursday, May 31. 

On the downside

Lone Pine Resources (NYSE: LPR) widened first quarter losses.

Summer Infant (Nasdaq: SUMR) disappointed with flat first quarter earnings that fell far short of analyst expectations.

First quarter earnings tumbled for Cellcom (NYSE: CEL) as expenses rose.

In the broad market, declining outpaced advancers by a margin of nearly 7 to 5 on the NYSE while advancers outpaced decliners by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a point to 780.

The markets opened modestly higher with the Dow rising 32 points to 12,727 as April retail sales edged up 0.1%. Nasdaq gained 16 points to 2918.

On the upside

Groupon (Nasdaq: GRPN) narrowed first quarter losses as revenue climbed to top estimates.

Renren (NYSE: RENN) reported a smaller than expected loss for the first quarter as revenue surged to beat expectations.

First quarter earnings climbed for Dick's Sporting Goods (NYSE: DKS) as revenue rose to surpass analyst expectations. 

On the downside

Fragrance company Coty withdrew its $10.7 billion offer to acquire Avon Products (NYSE: AVP).

Chesapeake Energy (NYSE: CHK) raised its bridge loan from $3 billion to $4 billion.

Patriot Coal (NYSE: PCX) blamed a possible client default for lowering its steelmaking coal sales outlook.

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 780.

Concerns about a slowdown of the Chinese economy sent the markets tumbling to a sharply lower close with the Dow plunging 125 points to 12,695. Nasdaq plummeted 31 points to 2902.

On the upside

Ventrus Biosciences (Nasdaq: VTUS) reported positive results from a late stage clinical trial of its anal fissure treatment diltiazem.

Shares of Horizon Pharma (Nasdaq: HZNP) continued rising after reporting a narrower first quarter loss last week.

Golf Town will pay  a premium of approximately $96.5 million in cash to acquire Golfsmith International Holdings (Nasdaq: GOLF). 

On the downside

Investors locked in profits on Melco Crown Entertainment (Nasdaq: MPEL), whose stock price rose last week after reporting higher first quarter results that beat analyst expectations.

First quarter earning rose for Silver Wheaton (NYSE: SLW) but the results fell short of expectations.

Iamgold (NYSE: IAG) disappointed with lower first quarter earnings and revenue.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks tumbled 11 points to 778.

The markets recovered early morning losses but continued trading lower during the midday with the Dow falling 54 points to 12,765 as European debt concerns continued to weigh on investors. Nasdaq lost 10 points to 2923.

On the upside

Investors snapped up shares of Groupon (Nasdaq: GRPN) ahead of its earnings release after market close.

BMC Software (Nasdaq: BMC) adopted a shareholder rights plan to protect itself from a possible hostile takeover by Elliott Associates.

Avon Products (NYSE: AVP) will evaluate the increased acquisition offer made by Coty last Thursday. 

On the downside

Shares of Kemet (NYSE: KEM) continued falling after reporting sharply lower fourth quarter earnings last Thursday.

Shares of NetQin Mobile (NYSE: NQ) continued falling after announcing a secondary offering of 6 million American Depositary Shares last week.

Societe Generale analyst Andy Perkins downgraded Nokia (NYSE: NOK) to a Sell rating.

In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 7 points to 782.