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TheStreet Open House

'Fast Money' Recap: Mining Facebook's IPO Filing

Stocks in this article: AAPLGOOGPOTASHGPNHUN

NEW YORK ( TheStreet) -- The trading panel devoted their attention CNBC's "Fast Money" show on Wednesday to details of Facebook's $5 billion IPO filing.

According to the S-1 filing, Facebook, which will have "FB" as its stock symbol, will start trading sometime in the second quarter at a still undisclosed exchange. Morgan Stanley is the lead underwriter of the offering.

Facebook disclosed in the filing that it had $3.8 billion in revenue, $668 million in net income and 845 million monthly active users worldwide in 2011.

Karen Finerman was amazed at Facebook's revenue growth, which grew 88% from 2010 to 2011. "We will see multiples that we haven't seen since the Internet craze," she said.

Pete Najarian said everyone will want a piece of the stock, regardless of the price. He said he was having problems translating Facebook's $85 billion valuation into ad sales, app sales and revenue.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Michael Murphy was skeptical of the buzz, saying Facebook is priced for perfection and being lumped in such established tech heavweights like Apple (AAPL) and Google (GOOG).

Guy Adami acknowledged the lofty valuation but said that won't prevent the stock from going higher.

Finerman said her firm had turned down an offer to buy some shares in Facebook when it had a $60 billion valuation. Najarian said he would jump at any chance of an allocation of the stock so long as he could flip it. He said he doesn't have any information on what the IPO holding period will be.

Melissa Lee, the moderator of the show, and other reporters rattled off details of the filing. She said Zynga (ZNGA) accounted for 12% of Facebook's revenue.

CNBC reporter Kayla Tausche, who was sifting through the 201-page filing, noted 83% of Facebook's revenue came from ad spending.

Julia Boorstin, another CNBC reporter, said Facebook had a gross margin of 47% in 2011. She also noted that CEO Mark Zuckerberg said in his letter to employees and shareholders that Facebook's mission was to make money to build better services, with the goal of building an open, connected Web.

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