MENLO PARK, Calif. (AP) — In Silicon Valley, where sudden wealth is hardly something new and CEOs favor hoodies over bespoke blazers, Facebook‘s IPO on Friday didn’t bring everyday life to a halt.

Employees weren’t popping champagne corks at company headquarters, at least not where anyone outside could see them. And locals had plenty to do —from finding a job to locating the next Facebook.

The company’s sprawling headquarters along the southern edge of San Francisco Bay was quiet except for security guards walking the parking lots, a dozen TV satellite trucks and an onslaught of reporters who were not allowed inside.

The morning began with a ceremony attended by a few dozen people in a courtyard in the center of campus known as Hack Square. Mark Zuckerberg rang the opening bell to start the Nasdaq Stock Market’s daily trading as chief operating officer Sheryl Sandberg, Nasdaq executives and other employees looked on.

Afterward, employees tried to get back to business as usual. That is, building a company under immense pressure to meet shareholders’ expectations. To remind everyone not to get caught up in the hoopla, Facebook’s 2,000 employees were given t-shirts that read “Stay focused & keep hacking.”

As is standard at large tech companies in Silicon Valley, employees were told not to talk to the press.

In the parking lot, venture capitalist Mark Siegel had come down to take a longing look at one that got away. Like many of his fellow technology startup investors with offices a short drive from Facebook on Silicon Valley’s famed Sand Hill Road, Siegel said he had chances to back Facebook early on but didn’t.

He said at the time, when competing social networks like Friendster and MySpace still had clout, it wasn’t clear that Facebook would come out on top.

“In hindsight, any price would have been a good price to pay,” said Siegel, a managing director at Menlo Ventures.

To avoid a similar fate in the future, Siegel’s firm is invested heavily in Internet and social media companies, including popular blogging service Tumblr.

As for the viability of Facebook as an investment now that it’s public, Siegel said he expects the stock to be in for a bumpy ride in the near future.

“I might buy a little, but I would buy it as a long-term hold,” he said. “It’s very fully valued, so I think in the short-term there’s going to be a lot of ups and downs.”

At a strip mall that includes the closest Starbucks to Facebook, the company’s stock was not the first thing on everyone’s minds. (Not that anyone at Facebook needs to come across the highway to Starbucks — gourmet coffee is just one of the company’s many meal perks.)

Ann House, 49, an education researcher at a nearby nonprofit, said the IPO would obviously mean more rich people in the area, but she’s been pleasantly surprised so far that the company’s recent move to its new headquarters hasn’t yet led to a big uptick in street traffic.

Though not a heavy Facebook user, she said the ads on the social network’s site have started to annoy her more. She expects the IPO won’t help.

“It probably means there’s going to be more advertising on the site, so I’ll use it less,” she said.

Claire Bonnar, 22, of Pacifica became a teenager shortly before Facebook first went online, but she doesn’t count herself among the Facebook generation. She has an account, but she said she only logs on once every few months. She said she communicates with her friends by text message and phone to avoid the headaches she witnessed among former co-workers who were heavy users.

“They’d always be in each others’ business,” she said. “I don’t want that kind of drama.”

Facebook’s IPO was also far from Bonnar’s mind as she focused on more pressing concerns. Laid off from her job at a San Diego hospital a few months ago, she came north to be with family. She works as a cashier at a San Francisco barbecue restaurant to make ends meet while she plots her next move.

An aspiring pharmacist, she had traveled the 30 miles from Pacifica to a job training center in Menlo Park that, by coincidence, receives money from Facebook. The company does community outreach since moving into its new headquarters, which borders on neighborhoods that are far from wealthy.

Bonnar said she doesn’t find it weird that Mark Zuckerberg, also in his 20s, has become one of the world’s richest men thanks to an online service she doesn’t even like.

“I think that it’s really awesome, actually. It sucks I’m not in his position.”

Even the hottest initial public stock offerings can lose steam after their first day of trading.

Sure, company insiders will make money selling at the opening price. And investors who used connections or big bucks to score shares at the IPO price will profit if they sell after a first-day “pop.”

For everyone else, the wildly mixed record of other ballyhooed IPOs beyond their first trading session offers a lesson. It’s one that should remind us that buying Facebook stock Friday provides a chance to lose money.

It’s understandable that everyone wants to get in early on what could be the next Google. Shares of the Internet search leader had an initial offering price of $85 in 2004, started on the stock market at $100 and climbed above $700 by 2007. Even after moving sideways for more than four years, they’re still above $600.

But odds are against hitting a grand slam like that in the current market.

Cautionary points to weigh if the Facebook frenzy is tempting you to buy stock on Day 1:

YOU’LL PAY MORE FOR YOUR STOCK THAN THE SMART MONEY DID.

The vast majority of average investors couldn’t get in at the $38-per-share offer price. Those shares went largely to company insiders, the deal’s underwriters or their fat-walleted clients. The price almost always shoots quickly higher by the time orders to buy at the market price kick in.

SEVERAL OF LAST YEAR’S “MUST-HAVE” IPOS AREN’T ANY MORE.

— Pandora, an Internet radio company, went public June 15 at $20 a share. You could have bought the stock during the day for $26. It’s now trading under $11.

— Groupon, the online daily deal company, priced its stock at $20 a share in its Nov. 4 IPO. The stock traded above $31 the first day. Now it’s under $13.

— Zynga, the developer of “FarmVille” and other Facebook games, went public at $10 a share on Dec.16. The stock traded as high as $11.50 on its opening day. Lately it’s around $8.

— Even one of last year’s IPO stars isn’t a huge winner when you factor in the risk. LinkedIn more than doubled from its $45 offer price within minutes of hitting the market last May 19 and reached $122.70 before closing the first day at $94.25. It’s back to around $105 after a turbulent year, with a modest overall gain of 11 percent since the first day.

Buy-and-hold investors who want to make money off Facebook should hold off on the first day of trading. Maybe later they can think about buying.

CHICAGO (AP) — Hoping to get in on Facebook‘s hotly anticipated public stock offering? You’ll need Facebook friends at very high levels — or a lot of money.

Most people who like the idea of owning Facebook’s stock will have difficulty getting it at the offer price, currently expected at $28 to $35 a share. Unless you know the right people at Facebook, you’ll likely need to have a large, active account with one of the big banks or brokerage firms directly involved in the stock sale.

Otherwise, you can take your chances by buying shares after the initial public offering is completed, when Facebook begins trading on the Nasdaq Stock Market under the ticker symbol “FB.” That’s likely to happen Friday.

Doing it that way typically means paying much more for the stock, however. And heavy demand skews the early stock price, leaving an investor vulnerable to the risk of a big drop.

Jerome Cleary isn’t deterred. One of a legion of Facebook fans, he has never wanted to own a stock as much as he wants to buy this one. Cleary, a standup comedian in Los Angeles, says he has already signed up for an account with a discount online brokerage so he’ll be ready.

“I know you should buy stock in what you know and like,” Cleary says. “I feel that because they have an incredible mass of wealth and such growing popularity, the stock really may pay off.”

Facebook Inc.’s IPO is expected to be the largest ever for an Internet company. It’s expected to raise as much as $11.8 billion for Facebook and its early investors — far more than the $1.67 billion raised in Google Inc.’s 2004 IPO.

Analysts say there’s so much interest in Facebook’s stock that some underwriters are closing their books as early as Tuesday. This means they won’t be taking any more orders from potential buyers. The IPO is expected to be completed late Thursday, with shares available for trading Friday.

Scott Sweet, the owner of advisory firm IPOBoutique, says the high demand also means that Facebook might raise the per-share price above $35, the high end of the range Facebook currently expects. Facebook and the IPO’s lead underwriter, Morgan Stanley, declined to comment.

If you’re thinking of investing in Facebook, here are some things to consider.

— IPO SHARES

Facebook and its early investors are selling more than 337 million shares, but those shares are parceled out very carefully, away from the public’s eyes.

Typically individuals get to buy no more than 10 percent to 20 percent of shares sold at an IPO’s offering price. The vast majority will go to company insiders, institutional investors, the underwriters selected by the company to handle the process and preferred clients of all of them.

Morgan Stanley leads the team of 33 underwriters selected for the Facebook offering, followed by JPMorgan Chase and Goldman Sachs.

The inclusion of online broker E-Trade Financial Corp. as an underwriter was seen as a glimmer of hope that Facebook might make more shares available than usual for retail investors through discount brokerages. But chances of getting any are very slim regardless.

— ELIGIBILITY

The big online brokerages have been taking formal requests from customers for Facebook’s IPO. They anticipate they’ll get their own allocations from one source or another, such as one of the underwriters. E-Trade, Fidelity Investments, Charles Schwab and TD Ameritrade, among others, have been fielding abundant queries.

But the requirements they set on who gets them eliminate most small investors.

Fidelity, which will be getting an undetermined number of shares from underwriter Deutsche Bank, says customers should have $500,000 in their accounts and have made 36 trades in the past year to be eligible. Ameritrade’s account requirements are at least $250,000 and 30 trades in three months. Schwab’s are a minimum $100,000 or 36 trades in the past year, but the firm says it also has other requirements.

Even meeting the requirements is no guarantee of getting shares.

Joshua Freeman, an information technology professional in New York, knows investing in Facebook is risky, but he believes “it’s got a pretty good shot to make some money.”

He has been investing with E-Trade since the mid-1990s and has about $200,000 in his account. But he’s pessimistic about his request for 100 Facebook shares at the IPO price, given the frenzy over the offering.

“I’m hoping to get some but I’m guessing that I won’t,” Freeman says. “I’m hoping it follows the trend and goes crazy and then dips a little bit. If it does that, I may buy some on the open market.”

— OPEN MARKET

If you strike out as an insider, it will still be easy, but expensive, to buy shares on the open market. Open and fund an account with a brokerage. Then for a transaction fee of as little as $7, you can buy Facebook stock at whatever price the market demand has driven it.

Be aware that the price could jump significantly by the time you place your order. Among last year’s hottest IPOs, Groupon Inc. soared in the opening minutes and gained 31 percent on the first day of trading. Zillow Inc. jumped 79 percent and LinkedIn Corp. more than doubled.

Investors buying on the open market miss much or perhaps all of any first-day “pop.”

The first-day market price of newly issued stocks during the past decade has been an average 11 percent higher than the offer price, according to University of Florida finance professor Jay Ritter.

For investors buying at the offer price, Facebook is likely to produce a gain on the first day, he says. But once it starts trading, investors should think of it as just another stock that’s as likely to go down as up.

Consider this: Groupon, which went public at an IPO price of $20 six months ago, soared as high as $31.14 on the first day. It closed Monday at $11.73, 41 percent below the offer price.

As for the idea of buying the stock at a low point a few months from now, Ritter says that has not worked historically as a reliable strategy with IPOs. And this one’s starting at a very high price, he emphasizes, with optimistic expectations of future growth built into it.

The only sure winners, he says, will be Facebook employees and venture capitalists who invested in the company when it was private.

James Breyer and his Accel Partners firm, investors since 2005, stand to make up to $1.34 billion from the 38.2 million shares they are offering. Zynga Inc. CEO Mark Pincus, a Facebook investor since 2004, stands to make up to $35 million on 1 million shares.

“The time to buy Facebook was five years ago,” Ritter says.

NEW YORK (AP) — U.S. stock market futures slipped Monday as consumer spending growth slowed last month and Spain officially slipped back into recession.

Dow Jones industrial average futures fell 0.17 percent to 13,142. Standard & Poor’s 500 futures gave up 0.25 percent to 1,395, and Nasdaq 100 futures slipped 0.36 percent to 2,727.

The Commerce Department reported that spending growth slowed in March, while incomes rose 0.4 percent, slightly ahead of expectations.

Recent economic reports are generating concern that the recovery is slowing down. Since consumer spending makes up about 70 percent of the economy, a cutback in the rate of spending growth could be reflecting weak income gains and a slowing job market.

Problems in Europe aren’t helping.

European markets were mainly lower, weighed down by growing concerns over Spain. Data released Monday confirmed that Spain slipped back into recession in the first quarter. A new recession could make it harder for the government to cut its budget deficit, and raises the worry that the country might be locked into a downward financial spiral.

Ratings agency Standard & Poor’s on Friday downgraded Spain to just three notches above junk, following up the move on Monday by lowering its rating for 11 Spanish banks, which are loaded with bad debt from a collapsed housing market. Spain is the fourth-largest economy in the eurozone. There is worry that the continent’s bailout funds won’t be big enough to rescue Spain if it needs assistance.

Germany’s DAX was off 0.22 percent at 6,786. France’s CAC 40 was down 1.06 percent at 3,231. Britain’s FTSE 100, which often trades contrary to the rest of European markets, edged up 0.49 percent at 5,777.

Trading in Asia was light because of holidays in Japan and mainland China. Hong Kong’s Hang Seng rose 1.7 percent to 21,094.21, South Korea’s Kospi added 0.3 percent to 1,981.99 and Australia’s S&P/ASX 200 gained 0.8 percent to 4,396.60.

Investors in those markets focused on the U.S. economy and hopes that the Fed might sanction another round of bond-buying, known as quantitative easing, after figures last Friday showed the world’s largest economy grew less than expected in the first quarter.

U.S. stocks to watch include Barnes & Noble Inc. and Microsoft Corp., which are teaming to create a unit to house the digital and college businesses of the bookseller and include a Nook application for Windows 8. The companies said Monday that they may separate those businesses entirely. That could mean a stock offering, sale, or other deal could happen.

Barnes & Noble shares shot up more than 9 percent to $25.95 in premarket trading. Microsoft added 6 cents to $32.04.

Shares of health insurer Humana Inc. fell more than 4 percent to $84 after reporting a 21 percent drop in first-quarter profit, falling short of Wall Street expectations.

NEW YORK (AP) — U.S. stock market futures slipped Monday as consumer spending growth slowed last month and Spain officially slipped back into recession.

Dow Jones industrial average futures fell 0.17 percent to 13,142. Standard & Poor’s 500 futures gave up 0.25 percent to 1,395, and Nasdaq 100 futures slipped 0.36 percent to 2,727.

The Commerce Department reported that spending growth slowed in March, while incomes rose 0.4 percent, slightly ahead of expectations.

Recent economic reports are generating concern that the recovery is slowing down. Since consumer spending makes up about 70 percent of the economy, a cutback in the rate of spending growth could be reflecting weak income gains and a slowing job market.

Problems in Europe aren’t helping.

European markets were mainly lower, weighed down by growing concerns over Spain. Data released Monday confirmed that Spain slipped back into recession in the first quarter. A new recession could make it harder for the government to cut its budget deficit, and raises the worry that the country might be locked into a downward financial spiral.

Ratings agency Standard & Poor’s on Friday downgraded Spain to just three notches above junk, following up the move on Monday by lowering its rating for 11 Spanish banks, which are loaded with bad debt from a collapsed housing market. Spain is the fourth-largest economy in the eurozone. There is worry that the continent’s bailout funds won’t be big enough to rescue Spain if it needs assistance.

Germany’s DAX was off 0.22 percent at 6,786. France’s CAC 40 was down 1.06 percent at 3,231. Britain’s FTSE 100, which often trades contrary to the rest of European markets, edged up 0.49 percent at 5,777.

Trading in Asia was light because of holidays in Japan and mainland China. Hong Kong’s Hang Seng rose 1.7 percent to 21,094.21, South Korea’s Kospi added 0.3 percent to 1,981.99 and Australia’s S&P/ASX 200 gained 0.8 percent to 4,396.60.

Investors in those markets focused on the U.S. economy and hopes that the Fed might sanction another round of bond-buying, known as quantitative easing, after figures last Friday showed the world’s largest economy grew less than expected in the first quarter.

U.S. stocks to watch include Barnes & Noble Inc. and Microsoft Corp., which are teaming to create a unit to house the digital and college businesses of the bookseller and include a Nook application for Windows 8. The companies said Monday that they may separate those businesses entirely. That could mean a stock offering, sale, or other deal could happen.

Barnes & Noble shares shot up more than 9 percent to $25.95 in premarket trading. Microsoft added 6 cents to $32.04.

Shares of health insurer Humana Inc. fell more than 4 percent to $84 after reporting a 21 percent drop in first-quarter profit, falling short of Wall Street expectations.