Facebook's beleaguered stock got an afternoon boost after hitting its lowest level ever earlier in the day. Facebook Inc. hit a new low of $18.75 US before bouncing back to $20.01 by the time the stock market closed.
That's up 96 cents, or five per cent, for the day. The social networking icon's much-anticipated IPO turned sour amid technical problems on the Nasdaq stock market and high expectations. The stock has not surpassed its $38 IPO price since its first trading day. Investors are worried about Facebook's ability to grow revenue quickly, especially through mobile advertising.
