Deals
Facebook Hits Low After Bernstein Questions Owning Stock
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Facebook Inc., the world’s biggest social-networking company, tumbled to a record low after Sanford C. Bernstein & Co. initiated coverage with an underperform rating and a $25 target price.
The shares fell 3 percent to $26.90 at the close in New York, the lowest price since the stock began trading at $38 on May 18. The stock has lost 29 percent since the IPO.