Read
- Planetary alignment peaks with celestial show this weekend
- UK fighters escort Pakistan plane to airport, two arrests
- Arizona jury foreman says believed Jodi Arias was abused
- Judge rules against 'America's toughest sheriff' in racial profiling lawsuit
- Sixth night of violence in Sweden, but police say capital calmer
|
Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
Sponsored Links
Facebook shares edge up after hitting new low
The Facebook logo is seen on a screen inside at the Nasdaq Marekstsite in New York May 18, 2012.
Credit: Reuters/Shannon Stapleton
NEW YORK |
NEW YORK (Reuters) - Shares of Facebook (FB.O) edged up 2.3 percent to $19.48 on Monday after hitting a new low of $18.75, more than 50 percent below the price they were issued at three months ago.
The stock briefly traded at $19 late on Friday, 50 percent below its issue price of $38 on May 18. The stock has been hit by worries about the company's ability to grow revenue. Also, last week, some early investors were given the go ahead to sell for the first time since the social network company's initial public offering.
"It seems to be down around levels that people who didn't like the deal thought it was really worth. And now it seems to have stabilized," said Eric Kuby, chief investment officer, North Star Investment Management Corp. in Chicago.
It may have "found a level which seems more of a better price for people valuing the company in terms of the future," he said.
(Reporting By Caroline Valetkevitch; Editing by Chizu Nomiyama)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters