NEW YORK (AP) -- Facebook's stock is down sharply after an article in the financial magazine Barron's said it is "still too pricey" despite a sharp decline since its initial public offering.
Facebook's stock has plunged since its May IPO. But Andrew Bary at Barron's says the stock trades at high multiples of both sales and earnings. And he says there's growing uncertainty about the future of its business.
Facebook is not commenting.
The Menlo Park, Calif.-based company's stock fell $2.20, or 9.6 percent, to $20.66 in afternoon trading. The company went public on May 18 at a share price of $38, which it has not hit since.
Bary says Facebook's stock is worth $15, well below its current price --even with Monday's drop.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Inside the Baltimore Police Department's watch center is the hub from which city police can view hundreds of crime cameras, pull up street corners and follow suspicious activity sometimes in progress; fancy hardware increasingly complimenting witty software.
ABC2 Investigators uncover Baltimore Police officers making huge amounts of overtime as the agency downplays the total amount spent on OT.
Scripps reviewed dozens of lawsuits and spoke with former insiders who all allege the companies that handle Berkshire Hathaway Inc.’s asbestos and pollution claims, wrongfully delay or deny payment to cancer victims...