LOW POINT: Facebook‘s stock has fallen below $30 for the first time since its much-awaited public debut this month. It closed at $28.84 on Tuesday, down 24 percent since its public stock debut.
TROUBLES: The debut was marred by technical glitches at the Nasdaq Stock Market that delayed trading. And the company, along with the investment banks that led the IPO, is the subject of at least two shareholder lawsuits.
TUESDAY’S TREND: Wedbush analyst Michael Pachter says Facebook’s stock has been hurt by those “near-term issues.” But he rates the stock “Outperform” and has a 12-month target price of $44.
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