Facebook stock dips
Facebook Inc.'s stock fell again Friday, the third straight day of decline. It lost 27 cents, or nearly 1 percent, to close at $31.09. That's down 18 percent from its public offering price of $38. The stock has been up on 14 trading days and down on 16 since its initial public offering. Facebook began trading publicly in mid-May following one of the most anticipated stock offerings in history. The IPO priced at $38, at the top of a projected range that Facebook had already boosted just days earlier.
The stock had fallen sharply in the weeks following the IPO, going as low as $25.52.
CFTC looks overseas
WASHINGTON — A U.S. agency is seeking to expand its authority to regulate risky trading overseas by affiliates of U.S. banks.
The proposal from the Commodity Futures Trading Commission comes just weeks after JPMorgan Chase announced it lost billions because of high-risk trades that took place at its London operation. The CFTC commissioners voted this week without public debate to send the proposal out for public comment. It would extend its oversight of derivatives to trading that takes place overseas.