HOUSTON -- Facebook can’t blame its stock woes on a trend in the tech sector.
Its stock price dropped to half of its initial public offering value shortly after the market opened Monday.
As of Monday morning, its new low was $18.75 before jumping back up to over $19.50 by 11 a.m. Central Time. The social network’s stock has not surpassed its IPO, valued at $38 more than three months ago.
Investors and industry analysts are concerned about Facebook’s revenue, particularly in the mobile sector.
Meanwhile, in another part of California, the big wigs at Apple were likely smiling as their stock hit a new all-time high of $664.74. The stock jump is likely due to rising anticipation of the upcoming, rumored iPhone 5.