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Where Are Facebook Friends? Stock Sinks On 2nd Day Of Trading

(credit: Justin Sullivan/Getty Images)

(credit: Justin Sullivan/Getty Images)

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NEW YORK (CBSNewYork/AP) — Facebook’s stock sunk 11 percent Monday, falling below the $38 IPO price, in the social network’s second day of trading as a public company Monday.

Investors and technology industry watchers are closely tracking the Menlo Park, Calif., company’s shares.

The world’s largest social network was one of the most anticipated initial public stock offerings ever, and now serves as a bellwether for other social media companies.

Facebook’s market debut Friday suffered some hiccups, with trading on the Nasdaq delayed for a half hour and issues with traders’ orders. The stock closed Friday just 23 cents above where it priced Thursday night, when many investors had hoped for a big first-day pop.

Facebook Inc.’s slip left it trading just above $34 as the markets closed Monday.

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(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)