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Facebook Inc. shares fell to a new low, extending losses from the worst-performing large initial public offering during the last decade to more than 24 percent.The stock fell 9.6 percent Tuesday to $28.84, below the prior low of $30.94 on May 22. Facebook debuted May 18 after underwriters sold shares at $38. About $25 billion in market value has been erased from Facebook as bearish sentiment built in stock and options markets after the social networking site went public while U.S. equities headed for the biggest monthly decline since September. The company, its underwriters, and Nasdaq OMX Group Inc. were sued last week by investors who say they lost money in the IPO.
The FDA said preliminary lab tests of counterfeit pills being sold on the Internet contain the wrong active ingredients.
- Comcast reports jump in profit, revenues
PhillyInc: Under some pressure by investors are Checkpoint Systems and – to a lesser degree – Comcast.
- Planning new life for the ‘Lower Schuylkill’
PhillyDeals: In one of the biggest middle-income developments planned for the city in recent memory, and monthly rents will start at $1,150 for a one-bedroom unit and $1,400 for two bedrooms.
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Haven: Michael Gerard Walzer has taken that old saying, "A man's home is his castle" to heart, literally transforming his home into one.
Huppke: I consulted with job search experts to come up with some pragmatic tips for young job seekers — not the “add some zazz to your resume!” or “make sure to wear a power tie” type of advice.
Haas: What else would you expect from a car with a 563-horsepower engine that propels you from 0 to 60 in 3.7 seconds and top out at 197 miles per hour?
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