Facebook Stock Sinks Below IPO Price


After an uninspired start on Friday, Facebook shares continue to disappoint Monday, falling as much as 12 percent to $33. Upon the company’s public debut last week, lead IPO underwriter Morgan Stanley was forced to buy shares themselves to keep them at the starting price of $38, but so far today the dip has been unavoidable. As of 3 p.m., shares were hovering $34.50, down almost 10 percent. “There’s no bottom,” one trader explained. “The next catalyst is going to be earnings, which is three months away. So there’s no reason to jump in here. You’re catching a falling knife.” Apple, Google, and Amazon, on the other hand, are all up.