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BOOM GOING BUST: Facebook Faces 3rd Straight Month In The Red As Its Stock Continues To Drop
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Karma is such a bitch...
Facebook is on track to post its longest losing streak ever, and some say there's more pain ahead
Rebecca Ungarino
Published 4 Hours Ago Updated 9 Mins Ago
CNBC.com
Facebook is facing a mountain of problems.
The social media giant's stock fell nearly 5 percent on Monday, hitting its lowest level since February 2017, as the social media company came under fire after a damaging report about its top management in The New York Times.
Facebook is poised to close its third straight month in the red, which would mark its longest monthly losing streak on record. Furthermore, Facebook is on track for its longest quarterly losing streak since 2013, and its first full year of losses since going public. According to some experts, the stock isn't done falling.
"Technically, when I look at this, there's no question that we've violated the long-term uptrend support line off of the [2014] lows. We've got some support that's going to come in right around $130, but better support coming in at $114," Craig Johnson, chief market technician at Piper Jaffray, said Friday on CNBC's "Trading Nation," adding that he would stay on the sidelines here, rather than putting fresh money to work, or "further reduce positions on it at this point."
The shares are on track for their third straight month of losses, something they've never done before, and their second straight calendar quarter of losses, which they haven't seen since 2013.
CONTINUED AT:
[link to www.cnbc.com (secure)]
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