Facebook shares fall as much as 14%
UPDATE: Shares in social networking site Facebook fell as much as 14 per cent in New York today.
Shares in social networking site Facebook fell below its $38 offer price in early trading in New York today.
The company raised $16 billion in its initial public offering on Friday but its shares dropped 11 percent to $33.88 a short time ago in New York, after earlier declining as much as 14 per cent to $33.
“There are only so many people that are going to buy into a hyper-growth story,” Bloomberg reported Michael Pachter, an analyst with Wedbush Securities...
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