Tuesday, May 29, 2012

Facebook Drops Below $30; Shares Still A Sell, Says S&P Capital IQ (FB)

Last I saw it was trading at $29.47.
From Eric Savitz at Forbes:
S&P Capital IQ analyst Scott Kessler this morning reported his Sell rating on Facebook shares, amid a flurry of reports about the company’s plans to strengthen its position in the mobile sector.

Kessler notes that in addition to reports that the company may be interested in buying Opera – see my post on the rumor from earlier this morning – there is also chatter that the company is planning to build its own smartphone. The analyst says both stories are “plausible,” which is not to say he thinks the developments support a bullish case on the stock....MORE