To add insult to injury, BofA/Merrill Lynch dropped its target price for Facebook stock from $35 to $23, while maintaining a ‘hold’ rating on the stock.
There simply hasn’t been enough countervailing good news from Facebook to stop the bleeding caused by the enormous number of shares still lurking in the wings. The company’s revenues last quarter were disappointing and will 1 billion users worldwide, growth is getting harder to achieve.
Worst perhaps, Facebook has been unable to produce a compelling mobile strategy, either for users or investors. If and when Facebook solves its mobile issues, the company could live up to the hopes of its IPO buyers.
Shares are down about 3.7% today at $18.38 after posting a new low of $18.23. The prior range was $18.75-$45.00.
Paul Ausick
In 20 Years, I Haven’t Seen A Cash Back Card This Good
After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.
A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.
Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
