Facebook Deathwatch: Another Day, Another Drop

By Paul Ausick Published May 22, 4:11PM EDT

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Investors can’t seem to part with shares of Facebook Inc. (NASDAQ: FB) fast enough. Nearly 90 million shares traded hands today, and the buyers had to be optimists. Shares opened at $32.61 and have been struggling to stay above $31 all day. Shares hit a new low of $30.98 earlier this afternoon.

Trying to discern a bottom for a stock that has only traded for three days would require all the skills of gypsy fortune-teller Madame Sousatzka. As revelation after revelation pile up about the company’s roadshow and its bankers and its CEO, one wonders what the federal investigators will have left to look for. But the chances are that faced with a hard-nosed investigation by the SEC if there’s anything left hidden, it will also be revealed. Without Madame Sousatzka’s help.

Facebook’s shares closed today down -8.55% at $31.12 in a trading range of $30.98-$45.00. Those folks who bought at the high end are no doubt feeling very bad today.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.