Facebook falls to half of public offering price

NEW YORK (AP) – Facebook's stock fell to $19 for the first time on Friday, losing half its market value since the company's initial public offering in May.

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The stock dipped 87 cents, or 4%, to briefly hit $19, just minutes before it closed the trading day at $19.05. Facebook's shares ended the week down nearly 13%.

Facebook (FB) hit the $19 milestone a day after the expiration of a lock-up period that had previously prevented some early investors and insiders from selling their shares. Stakeholders who owned a combined 271 million Facebook shares before Thursday can now sell their holdings.

A breakdown of just how many major Facebook Inc. shareholders sold their stock this week won't be available until next week at the earliest, when sellers must disclose such transactions.

Facebook's stock has struggled since the company's mid-May IPO. It closed its first day of trading barely above its initial offering price of $38. It has been below that level since.

The stock has been down on 38 trading days, up on 25 days and unchanged on one since its initial public offering.

Investors have been concerned about the social network's ability to increase revenue and make money from its growing mobile audience. Many analysts, however, hold positive opinions of the company's long-term prospects.

Here's how Facebook's stock has traded since the IPO: Click Here!

Man shot, killed by police in Stockton

MIND MASTERY

By Jordan Guinn
Record Staff Writer
April 07, 2012 12:00 AM
STOCKTON - Police fatally shot a man about 7:30 p.m. Friday in the 2700 block of Burlington Place after he threatened an officer, the Stockton Police Department reported.

Officer Pete Smith, a police spokesman, said officers pulled over a Toyota Camry with no license plates. The car pulled over, but the driver got out and ran away, Smith said.

Officers gave chase, and one of them scuffled with the driver, Smith said. The driver grabbed the officer's baton and was threatening the officer with it, Smith said.

The other officer shot the driver, who was taken to a hospital and declared dead.

Police did not say how many times the fleeing driver was shot, nor did they release any other details, including his age.

Police were on a standard patrol, Smith said. He did not say how many shots were fired, nor did he release the names of the officers involved.

Friday's shooting occurred about six blocks from where police fatally shot a man who shot and wounded another officer on March 22.

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Contact reporter Jordan Guinn at (209) 546-8279 or jguinn@recordnet.com. Visit his blog at recordnet.com/crimeblog.