* Facebook shares volatile in trading debut
* Spanish CDS hit record high, bank shares bounce back
* Winnebago rallies after receiving buyout offer
* Dow up 0.01 pct, S&P up 0.09 pct, Nasdaq flat
By Ryan Vlastelica
NEW YORK, May 18 (Reuters) - U.S. stocks were little changed
on Friday, reversing earlier gains after Facebook Inc
stumbled in its market debut after a delayed opening.
Shares of the social networking giant were volatile in early
trading, falling to near breakeven levels after early gains of
more than 10 percent. In early trading it was the Nasdaq's most
actively traded stock, with more than 100 million shares traded
in the first five minutes of trading.
After a delay in the opening print that drove up anxiety
levels among traders and onlookers outside the Nasdaq, the
company's closely watched stock began trading at $42.05,
compared with an IPO price of $38. It rose as high as $45 before
The Nasdaq said it was investigating an issue in delivering
trade execution messages from the IPO cross in Facebook.
"We're under a little bit of pressure after this
less-than-amazing opening, which is not elevating the market
like some had speculated," said Frank Davis, director of sales
and trading at LEK Securities in New York.
Shares of companies in the online social media sphere were
trading lower. LinkedIn fell 0.6 percent to $104.28 and
Groupon Inc fell 5.5 percent to $12.20. Zynga
was halted down 13 percent at $7.17.
With the decline, the S&P 500 is on track for a sixth
straight day of declines as well as its worst week since the
last week of November.
The Dow Jones industrial average was up 0.91 points,
or 0.01 percent, at 12,443.40. The Standard & Poor's 500 Index
was up 1.18 points, or 0.09 percent, at 1,306.04. The
Nasdaq Composite Index was down 0.14 points, or 0.00
percent, at 2,813.55.
The S&P has fallen 6.8 percent so far in May, largely on the
back of uncertainty over a political crisis in Greece and
whether that could trigger a default and possible exit from the
euro zone. While volatility is expected to continue, some
analysts were forecasting a near-term rebound as valuations
become more attractive.
While much of the market's focus was on Facebook,
uncertainties continued to swirl around Europe, and investors
remained skittish even as a poll showed Greek voters are
returning to the establishment parties that negotiated its
The cost to insure Spanish government debt against default
hit record highs Friday, a day after Moody's cut its ratings on
16 Spanish banks, heightening fears of contagion from the Greek
Spanish government-run Bankia shares, up more than
25 percent on the day but still down 31 percent this month, led
a rebound in Spanish banking stocks as traders closed short
positions. U.S.-traded shares of Banco Santander and
BBVA rose more than 4 percent each.
Shares of Foot Locker jumped 10 percent to $30.82
after the athletic footwear retailer posted higher-than-expected
Winnebago Industries Inc surged 5.8 percent to $9
after receiving an unsolicited buyout offer from North Street
Capital LP, the investment firm of racing car enthusiast Alex
Mascioli, valuing the No.1 U.S. motor homes maker at $321.5