FACEBOOK CRASHES BELOW $29

David Ebersman FacebookFacebook CFO David Ebersman

Photo: By Justin Sullivan/Getty Images

FINAL UPDATE: Facebook’s stock was battered again today.It closed at $28.82, a 10% drop.

Investors seem to be running away after learning the company is going to take a stab at the ultra-competitive smartphone market.

UPDATE #3: Facebook’s stock is crashing hard today, falling almost 10%.

The stock is at $28.83, as of 2 PM east coast time.

The stock has been falling gradually all day long, first breaking through the $30 mark around noon, and now dropping under $29.

UPDATE #2: Facebook has fallen below $30 for the first time ever, hitting $29.42 this afternoon.

UPDATE: Facebook is open for trading, and it’s ugly. The stock hit a new low, dipping under $31 to $30.03.

It’s down 6 per cent 30 minutes after trading began.

Original (see updates below): After a three-day holiday weekend, Facebook is getting hammered again in the pre-market.

The stock is down 2 per cent to $31.26.

This weekend it was reported that Facebook was interested in building its own phone, just like Apple, and Google. This is not a point of strength for the company, and if it’s serious, investors should be running away.

 

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