Facebook shares tumble to record lowSeptember 1, 2012 - 11:28 AMT PanARMENIAN.Net - Facebook tumbled to a record low on concern that businesses are spending less to advertise on the world's largest social-networking website, according to freep.com. The shares of Menlo Park, Calif.-based Facebook fell 5.4% to $18.06 at the close in New York. The stock has lost more than half its value since Facebook sold shares at $38 apiece in an initial public offering May 17. "Checks on near-term paid media spending remain challenged," Daniel Salmon, an analyst at BMO Capital Markets in New York, said in a research report Friday, Aug 31. He has the equivalent of a sell rating on the stock and cut his price estimate on Facebook's shares to $15 from $25. Facebook may post $5.04 billion in sales this year, EMarketer estimated, down from the market researcher's earlier projection for $6.1 billion as the biggest social network struggles to sustain advertising growth. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |