After all the hype and all the high expectations, how to explain the Facebook faceplant on the first day of trading?
Facebook's stock slid below its offering price in morning trading on Monday and stayed below that level, following a lackluster debut day.
FACEBOOK STOCK FALLS BELOW IPO PRICE
Facebook (FB) fell as low as $33 in the first half-hour of trade, but it was holding around $34.40 at 3 p.m. ET. That's about a 10% drop from Friday's $38.23 closing price.
Though Facebook was one of the most highly anticipated initial public offerings in recent memory, the stock closed with a gain of just 23 cents on Friday after trading wasÂ delayed.
Shares barely breached $42 at their peak on Friday - which came at the start of trading - and spent most of the day floating between $40 and $42 each.