(MSNBC) Shares of Facebook continued to slide Tuesday, even as the broader market managed a modest gain, as fallout from the company’s IPO last week continued.
The social network’s share price was lately down 3 percent in morning trading, adding to a decline of 11 percent seen in Monday’s session. Facebook is now down 27 percent from Friday’s intra-day high of $45 a share. (Track Facebook’s stock price here.)
Facebook’s market debut on Friday was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but it does little for Facebook, whose lead underwriter Morgan Stanley had to step in and defend the $38 offering price on the open market.