Where are Facebook Friends? Stock Sinks on 2nd Day
NEW YORK (AP) - Facebook’s stock is sinking nearly 7 percent, falling below the $38 IPO price, in the social network’s second day of trading as a public company Monday.
Investors and technology industry watchers are closely tracking the Menlo Park, Calif., company’s shares. The world’s largest social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies.
Facebook’s market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders’ orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop.
Facebook Inc.’s stock is down $2.62 to $35.61 on Monday.