Courtesy of Benzinga.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Facebook Inc (NASDAQ: FB) shares were trading lower by $2.14 at $85.84 in Monday’s session. After holding up well in Friday’s volatile session, the issue is succumbing to the broad market’s steep decline today.
The issue is two days removed from a fresh all-time high made in Thursday’s session at $89.40. On Friday, it posted its all-time closing high at $88.01.
After a lower open ($86.61 vs. Friday’s close of $88.01) it rallied back to $87.50 before reversing course. So far, the decline has taken the issue to $85.74. That marks the lowest level for the issue since it bottomed on June 23 at $84.76 as it was building momentum for its explosive rally.
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