Facebook Shares Fall Below $38, Slipping More Than 4% In Pre-Market Trading

Facebook shares dipped as much as 4.4 percent in pre-market trading today and are now below their final $38 price in the company's highly anticipated initial public offering last week. Today is an interesting test for Facebook's worth because the company's shares will no longer be supported by the IPO's lead underwriter Morgan Stanley. To save face, the bank had to step in to make sure that Facebook shares didn't close below their opening price on Friday. That said, the real test will be over the long haul. Can Facebook prove its worth over the many years to come with more display ad and payments revenue? At Friday's closing market cap of $104.8 billion, Facebook is worth more than one hundred times last year's net income. Plus its revenue dipped quarter-over-quarter for the first time in the beginning of this year.

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