Barron's slams Facebook, stock plunges

24.09.2012
Any boost Facebook got a few weeks ago from since the company went public, seem to have dissipated.

The social network's stock price took a quick tumble today, dropping by about 10% just after noon ET to hit a low of $20.36. The stock had a high today of $21.98.

At 4:15 p.m., the stock was priced at $20.80 per share.

The slide triggered what is called a on the Nasdaq. The circuit breaker, which was devised by the U.S. Securities and Exchange Commission, is designed to protect a stock from being played by short sellers.

The circuit breaker will remain in effect through the end of trading on Tuesday.

The drop in Facebook's stock price came the same day that financial magazine Barron's saying that the social network's stock remains overpriced, even though it is well off its opening price of $38 per share.