Facebook Stock is selling for $28 a share this afternoon. I will update the final price when the markets close at 4:30 EST.
Some predict it will bottom out at $25, but I think that might be optimistic. Of course it might bottom out today at $25, but what about the rest of the week? Just kidding - I really have no idea how this will end. I'm watching it fall for the entertainment value only. :)
Reuters reports:
As Facebook shares dipped below $30 in afternoon trade, buying picked up in the August $29 strike puts.
Put options, generally considered bearish bets, give the holder the right to sell shares at a specific price by a certain date, while calls, generally considered bullish bets, give the holder the right to buy shares at a specific price.
Update: Yep - ended the day at $28.84 per share.
How Bad a Day Did Facebook Have?
So bad that a short-sale circuit breaker was tripped because the stock price kept falling. Circuit breakers kick in when a stock drops more than 10 percent from the previous session's closing price. On the day, Facebook fell 9.6 percent to $28.84, and since the company went public earlier this month, the stock has plunged more than 24 percent.
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