Facebook Stock Edges Lower Slightly

By: AP
By: AP

NEW YORK (AP) -- Facebook's stock is edging slightly lower along with the broader market on Monday.

Shares of Facebook Inc. slid 45 cents to $27.27 in late morning trading. The Dow Jones industrial average slid 31.72 points to 12,086.85.

Facebook's stock is down 28 percent from its initial public offering price of $38.

Facebook began trading on the Nasdaq Stock Market on May 18. The day was marred by trading glitches and general investor confusion. The highly anticipated IPO capped the worst week for the U.S. stock market so far this year.

Since the IPO, Facebook's stock has fallen on six of the 10 trading days. At the same time, many analysts hold upbeat long-term opinions on Facebook.

The company is based in Menlo Park, Calif.

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