Facebook shares have traded over 39 million shares as of 2:00 PM EST and the drop of $0.90 is actually down by 4.3% to $19.98. Shares hit a low of $19.91 earlier today and the prior post-IPO range had been $20.84 to $45.00.
It was just in recent days that we saw that trading was active in the PUT options in August down to the $19 strike price. Now that is down to the $18 strike price for August. What is bad is that if you go out to the September options expiration the PUT option volume is active down all the way to the $15 strike price.
Facebook keeps tanking, and options traders are speculating that Facebook shares are heading even lower. This is what happens when you get an eccentric CEO whose greatest piece of garb is bringing a hoodie to Wall Street.
Also, let’s not forget about Zynga, Inc. (NASDAQ: ZNGA) where shares hit a new low and are down 3.7% at $2.71 today. Global X Social Media Index ETF (NASDAQ: SOCL) is down 1.5% at $11.90 and shares hit a new low of $11.88 today.
JON C. OGG
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