86°
Baton Rouge, Louisiana
3 Day Outlook
Thu
93°
73°
20%
Fri
93°
73°
10%
Sat
96°
74°
50%

Latest Weather Blog

Follow our weather team on social media

Facebook stock rebounds after dropping below $19

3 years ago August 20, 2012 Aug 20, 2012 Monday, August 20 2012 Monday, August 20, 2012 2:33:14 PM CDT in News
Source: Associated Press

NEW YORK - Facebook's beleaguered stock got an afternoon boost after hitting its lowest level ever earlier in the day.

Facebook Inc. hit a new low of $18.75 before bouncing back to $20.01 by the time the stock market closed. That's up 96 cents, or 5 percent, for the day.

The social networking icon's much-anticipated IPO turned sour amid technical problems on the Nasdaq stock market and high expectations. The stock has not surpassed its $38 IPO price since its first trading day.

Investors are worried about Facebook's ability to grow revenue quickly, especially through mobile advertising as users flock to smartphones and tablet computers. There are also looming expirations of the IPO lock-up periods. Lockups preventing many Facebook employees from selling stock expire this fall, potentially flooding the market with more shares.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days