Facebook stock prices closed may 22 2012

Facebook stock prices closed may 22 2012, facebook stock prediction may 23 2012 : Facebook Inc shares extended their slide and pressured the tech sector, giving investors few reasons to buy following a steep rally in Monday's session as they remained nervous about Europe, especially ahead of an informal leaders' summit on Wednesday. Tuesday's gains were "just a temporary change in sentiment. Europe will continue to lurch from one crisis to another

Facebook lost 8.9 percent to close at $31, hurting tech shares as doubts over the company's valuation increased after Reuters reported that Morgan Stanley, the lead underwriter, cut revenue forecasts for the social networking site shortly before the IPO.

At Tuesday's session low, the stock was down nearly 20 percent from its IPO price of $38 just two trading days after its market debut. Shortly after the opening bell on Tuesday, Facebook hit a session low of $30.98.

"When Facebook broke the deal price, it became self-fulfilling that there was going to be additional pressure on the stock," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles, adding that there were still those "who think valuation is way too high."

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