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Trading at Noon: Facebook drops again as pressure mounts

Tuesday, May 22, 2012 - 02:30

May 22 - Facebook's shares fell again on Tuesday and Best Buy interim CEO says company needs to ''change substantially''

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-- Think get your eyes off mr. aren't. Why you're not alone. FaceBook shares -- continue to sell off on the third day of trading. They're now down 3.2 percent. Earlier today the stock plummeted to a low thirty dollars and 98 cents that's a loss of 18% from its 38 dollar IPO price. A Reuters story and covered it Facebook's leading underwriter. Morgan Stanley shot clients ahead of the IPO when its Internet analyst cut his revenue forecast for the company. When mutual fund source said he had never in a decade of experience seen an underwriter Qaeda company's outlook prior to offering. Worry investors are now raising red flags over Facebook's valuation. Its revenue growth has been slowing in recent quarters which some and possibly should not be the case at this stage. Shares of best buy. Our -- two point 9% today after the company beat the street and maintained its annual outlook. Despite changes its executive -- but if you scratch below the surface you'll find that's bicycle through exactly the best for a couple of reasons. The tech retailer cut costs by closing fifty stores across the US and laying off 400 employees. Earnings were also boosted by lower tax rate and an extra week in the quarter vs the prior year. Now we're stocks to watch let's go to Reuters market fourth spot let me go up. Clothing retailer expressly for the its market value today the company missed sales estimates and lowered its earnings estimates for the full year. Express those close to twenty somethings and a move towards more fashionable higher priced things. The company shares fell below seventeen dollars at a certain point that was the lowest price since last August. And one more retailer on our radar Ralph Lauren it shares are now up one point 5%. After falling over 4% earlier today the store expect a slowdown in Europe or hurt it wholesale sales this year. When US stocks are edging higher all three indices now in the green. Given by jump and existing home sales defaults and foreclosures also was home prices up in April. Sectors moving yes and be higher at this hour our financials. They're up one point 5%. Well like consumer discretionary up nearly 1%. And industrials that's all we're trading at noon I'm Fred Katayama this is what.

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Trading at Noon: Facebook drops again as pressure mounts

Tuesday, May 22, 2012 - 02:30