Facebook Stock Down 3 Percent To New Low For Close

NEW YORK (CBS / AP) — Facebook’s stock fell 3 percent and closed Monday at a new low.

Shares of Facebook Inc. slid 82 cents to close at $26.90, after briefly trading as low as $26.44. The previous low for the closing price was $27.72, on Friday.

Facebook’s stock is down 29 percent from its initial public offering price of $38.

Facebook began trading on the Nasdaq Stock Market on May 18. The day was marred by trading glitches and general investor confusion. The highly anticipated IPO capped the worst week for the U.S. stock market so far this year.

Since the IPO, Facebook’s stock has fallen on seven of the 11 trading days. At the same time, many analysts hold upbeat long-term opinions on Facebook.

The company is based in Menlo Park.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Comments

One Comment

  1. Reblogged this on Jason Channing Picks and commented:
    Where is the support? The hole is going lower and lower. Zuckerberg better buy up the float and make the float lower. Let’s pretend the market is good. Gobble the float man.

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