By The Associated Press, Associated Press
It's Facebook's big day.
The site, which was born in a dorm room eight years ago and has grown into a worldwide network of almost a billion people, is making the most talked-about stock market debut in years.
Here's some of what Associated Press reporters are finding. Check back all day for updates. All times EDT.
With two hours to go in the trading day, Facebook is at $40.50, or $2.50 higher than its offering price. Volume has just passed 380 million shares.
By comparison, Bank of America, frequently the most active stock in the Standard & Poor's 500 index, has traded only 155 million shares today. The next most active stock in the S&P, JPMorgan Chase, is at 59 million.
THE RUSH FROM SMALL INVESTORS
TD Ameritrade, the online brokerage, reports that in the first 45 minutes that Facebook was trading, it accounted for a record 24 percent of trades executed by its customers.
By comparison, on its first day back on the stock market, in November 2010, General Motors represented 7 percent of overall trades on TD Ameritrade. For the LinkedIn IPO, in May 2011, the figure was 5 percent.
Steve Quirk, who oversees trading strategy at TD Ameritrade, said that about 60,000 orders were lined up before Facebook opened.
"The volume has been unbelievable even though the stock hasn't moved dramatically," Quirk said. "It's a hot topic in our chat rooms, and most people expected to see the stock move more than it has."
— Pallavi Gogoi, AP Business Writer
UPDATE ON SOCIAL MEDIA STOCKS
Facebook stock is trading at about $41.25, a healthy gain of more than $3, but it appears to be disappointing investors in other social media companies, especially those with ties to Facebook.
LinkedIn is down 3.3 percent, Groupon is down 6 percent, and Zynga, which is trading again, is down more than 8 percent.
— Bree Fowler, AP Business Writer
Gov. Jerry Brown of California must not have seen "The Social Network."
In an appearance on "CBS This Morning," Brown said that his state is the land of innovation that it was where Facebook was invented. He added: "Not in Texas, not in Arizona, not in Manhattan and certainly not, you know, under the White House or the Congress."
But interviewer Charlie Rose pointed out that CEO Mark Zuckerberg and others developed the site at Harvard University, all the way across the country in Cambridge, Mass.
Brown responded that the Facebook inventors quickly came to California, "where all the other innovative people are."
— Juliet Williams, AP Sacramento bureau
EXPERIENCING THE FACEBOOK IPO ON FACEBOOK
Facebook's IPO has Wall Street abuzz. But what about Facebook's 900 million users?
Some were debating whether they should get in on the buying frenzy. Others were guessing the closing price. Several were lamenting that they hadn't thought to invent the social media site themselves.
A few treated even the company like a person, congratulating it on the public offering as they might a friend on the birth of a child.
"Hey Facebook! Have a good first day on the stock market," a swimming pool maintenance and repairman from Petaluma, Calif., wrote from a mobile device. Within two hours, eight other Facebook users had "liked" the post.
Not all Facebook users were obsessed with the company's entrance to the stock market. The went along with their everyday lives, posting photos of drunken debauchery that they might one day regret, weighting in on the presidential election, celebrating Haitian flag day or just welcoming the start of the weekend.
— Scott Mayerowitz, AP Business Writer
NASDAQ ON THE DELAY
Seconds before noon, with demand for Facebook stock overwhelming, Nasdaq issued a message on one of its websites saying that it was "investigating an issue in delivering trade execution messages" from the Facebook IPO.
Nasdaq initially planned the first trades of Facebook stock for 11 a.m., then 11:05 a.m. The stock opened at about 11:30.