Submitted by Fox First at Ten on June 28th
NEW YORK (AP) - Facebook's stock has fallen for the second consecutive day.
It lost 87 cents, or 2.7 percent, to close at $31.36 on Thursday. That's down 17 percent from its initial public offering price of $38.
The stock had lost 2.6 percent Wednesday after Wall Street analysts gave the company a mixed review.
Overall, many analysts had upbeat long-term views of Facebook's prospects, but they acknowledged hurdles ahead. This includes mobile advertising, where Facebook is just beginning to make inroads.
The company, along with investment banks that led the IPO, faces shareholder lawsuits. They allege that analysts at the banks cut their financial forecasts just before the IPO and told only a handful of clients. Facebook and the banks insist they did nothing out of the ordinary.
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