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A Stock Plummeting Despite Positive Analyst Reviews?

|Includes:Facebook (FB)

That's Facebook (NASDAQ:FB) today. As of this writing Facebook is down 8.96% to $29.05, having breached the $30 barrier. There are several reasons why it's down: according to The Wall Street Journal, the company's debut on the options market and the buzz surrounding its potential Opera acquisition are the likely culprits. Yet, interestingly, the article doesn't mention anything about the Facebook phone and the overwhelming negative response it has received in the investing community. The commotion over the Facebook phone picked up significantly this weekend as the New York Times ran an article on Facebook's smartphone ambitions, and Business Insider ran an article on how "investors should run away screaming" if Facebook develops its own phone.

Today was actually a good day for Facebook in terms of analyst reviews. Two analysts, Wedbush Securities's Michael Pachter and CLSA Asia-Pacific Markets's James Lee, both initiated coverage of Facebook today with Buy ratings and $44 and $40 price targets, respectively.

Stocks: FB