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Facebook stock falls 11 percent in second trading day by 123wert sdfsf
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Facebook stock falls 11 percent in second trading day |
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Business,Business News,Business Opportunities
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Without a fresh round of defense, Facebook shares fell $4.20 toclose at $34.03 Monday. That represented a decline of 11 percentfrom Friday's close and 24 percent from Friday's intra-day high of$45 a share. "At the moment it's not living up to the hype," saidFrank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago , adding that some people may have decided to hang back and buy thestock on the decline. "Look at the valuation on it. It might have said 'buy' to afew people, but boy it was awfully rich," he said.
The drop in Facebook's share price wiped some $10 billion off ofthe company's market capitalization -- it became a sufficientlyinteresting pop culture story that even gossip website TMZ did a brief item Monday morning. Volume was again massive on Monday, with more 167 million sharestrading hands, making it by far the most active stock on the U.S. market. Nearly 581 million shares were traded on Friday.
The drop was so steep that circuit breakers kicked in a few minutesafter the open to restrict short sales of the stock, according to anotice from Nasdaq. EMOTIONAL TRADING "One of the things that we are seeing in Facebook is a lot ofemotional trading, in that over the weekend much of the mediacoverage was negative, and that could be weighing on investors'decisions to get out of the stock," said JJ Kinahan, TD Ameritrade 's chief derivatives strategist. Shares of other one-time Internet darlings fell in lock step withFacebook before rebounding on their own merits, with Yelp , Groupon and LinkedIn all higher in the early afternoon. Zynga remained lower, though. The news was not all bad, though, as the Nasdaq rose 2.5 percent.High-profile tech stocks rose sharply, with Apple up 5.8 percent and Amazon 2 percent higher.
FuturePath's Lesh said some investors took money out of Apple tobuy Facebook, and now could be going right back in to Apple giventhe lackluster performance of Facebook thus far. I am Tableware writer, reports some information about hot dip galvanizing , canon zr 600.
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