Facebook shares edge up after hitting new low
The consumer price index (CPI) series was launched in January this year to more accurately capture inflation at the retail level – or the actual prices that consumers pay.
Shares of Facebook edged up 2.3 per cent to $19.48 on Monday after hitting a new low of $18.75, more than 50 per cent below the price they were issued at three months ago.
The stock briefly traded at $19 late on Friday, 50 per cent below its issue price of $38 on May 18. The stock has been hit by worries about the company's ability to grow revenue. Also, last week, some early investors were given the go ahead to sell for the first time since the social network company's intial public offering.
"It seems to be down around levels that people who didn't like the deal thought it was really worth. And now it seems to have stabilized," sad Eric Kuby, chief investment officer, North Star Investment Management Corp. in Chicago.
It may have "found a level which seems more of a better price for people valuing the company in terms of the future," he said.
Copyright @Thomson Reuters 2012