NO FACEBOOK FRIENDS: The stock market wasn’t that friendly to Facebook Inc. on Monday. Shares in the social-media site fell 11 percent, or $4.20, to $34.03 from its close of $38.23 on Friday, its first day of trading.
In comparison to shares of other technology firms, the site was quite an underperformer. Apple Inc. rose 5.8 percent, or $30.90, to $561.28, while Google Inc. gained 2.3 percent, or $13.71, to $614.11. Yahoo Inc. rose 1 percent, or 16 cents, to $15.58, in part on the news over the weekend that the web portal was selling back to Alibaba Group up to half of its 40 percent stake in the business. Also rising was eBay Inc., up 3 percent, or $1.15, to $39.51, and Amazon.com Inc, which increased 2 percent, or $4.26, to $218.11.
This story first appeared in the May 22, 2012 issue of WWD. Subscribe Today.