“Facebook shares fell below the $30 mark for the first time Tuesday amid speculation that it is preparing to buy Opera Software, a Norwegian mobile browser developer,” Chris Isidore reports for CNNMoney.
“Shares of Facebook (FB) closed at $28.84, down 9.6%,” Isidore reports. “The stock has now dropped more than 24% of the initial offering price of $38 since its May 18 IPO, just over a week ago.”
Isidore reports, “Of course the Opera speculation is not the major problem for Facebook stock since the IPO. Many questioned the $38 valuation for the stock from the start, since it valued the company at more than 100 times its current earnings.”
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