Facebook Inc. (NASDAQ: FB), the social networking giant, is down sharply in mid-day trading today, extending its losses from the previous trading session. At last check, FB was trading 2.68% lower at $25.80 on volume of 17.04 million, which is well below the daily average volume of 74.82 million.
FB has slipped below $26 today, which is a key support level for the stock. The next support level for the stock is at $25. The downward slide could continue if it falls below this level.
Despite the recent losses, FB is still up more than 27% in the last three months.
PowerShares QQQ Trust Series 1 (ETF) (NASDAQ: QQQ) is also down sharply in mid-day trading today. QQQ is a unit investment trust. The fund holds all of the component securities of the NASDAQ-100 Index and its objective is to provide investment results that correspond to the price and yield performance of the NASDAQ-100 Index.
The NASDAQ-100 Index is down sharply today as concerns over the fiscal cliff continue to weigh down investors’ sentiment. The Index is currently trading 0.97% lower. Meanwhile, QQQ, which tracks the index is currently down 1% to $63.85, taking its losses for the week to over 2%.
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