Wednesday 30 May 2012

Facebook stock drops to $US29, traders bet on fall to $US25 by July

Facebook shares continued to to slide overnight amid a swirl of  uncertainty and rumours, and as options trading in the stock began with a record-setting flurry of activity.
The shares fell 9.6 per cent to $US28.84 in afternoon trading in the US., despite a broader market rally. They are now down more than 20 per cent from where they debuted less than two weeks ago, having slid following a messy IPO process and because of concerns about the company's growth potential. About $US25 billion has been wiped off Facebook's $US104 billion float valuation

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