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Date Posted: 11:38:05 07/28/12 Sat
Author: =released second-quarter results. (went public in May.)
Subject: Facebook Slipped Friday 27/7/2012=It was the first quarterly report

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By Carla Mozee, MarketWatch

LOS ANGELES (MarketWatch) — Shares of Facebook Inc. slipped Friday evening, extending sharp dayside declines in the wake of the social network’s financial update.

Late-traded Facebook shares /quotes/zigman/9962609/quotes/nls/fb FB -11.70% were off 0.3% to $23.63. They closed the regular session down 12%, with the selloff extending from late Thursday when the company’s lack of a forecast and higher spending appeared to rattle investors as it released second-quarter results. It was the first quarterly report from Facebook since it went public in May.


Reuters
Facebook CEO Mark Zuckerberg “I think it was a solid quarter, given where expectations were,” said Colin Sebastian of Robert W. Baird, who added that “not providing guidance may make investors nervous.” Read more about Facebook's results.

Adjusted earnings of 12 cents a share at Facebook met analysts’ estimates. Revenue rose 32% to $1.18 billion, just ahead of the consensus estimate of $1.15 billion.

The regular session also saw a 9.4% slide in shares of Starbucks Corp. /quotes/zigman/20720/quotes/nls/sbux SBUX -9.42% to $47.47, ending as the worst performer on the S&P 500 Index /quotes/zigman/3870025 SPX +1.91% . Starbucks shares were off 3 cents in the after-hours session on modest volume.

A number of analysts cut their price targets on Starbucks after the company issued a weaker-than-expected outlook. The coffee chain Thursday evening reported slowing sales growth in Europe, as well as an unexpected slowdown in the United States during the fiscal third quarter. Read about price-target cuts on Starbucks in the Tell blog.

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Starbucks sees fiscal 2013 earnings of $2.04 to $2.14 a share. Analysts polled by FactSet had been expecting full-year earnings of $2.28 a share. Read more about Starbucks' challenges.

A drop of 10% each in shares of Starbucks and Facebook during the day session triggered short-sale circuit breakers on the Nasdaq exchange, imposing a restriction on prices at which a stock can be sold short. A short sale is a bet that a stock’s price will decline. See more on the triggering of short-sale circuit breakers.

But the overall U.S. stock market climbed Friday, pushing to session highs after a report that European Central Bank President Mario Draghi was working to reach consensus on new measures to ease the region’s debt crisis.

The Dow Jones Industrial Average /quotes/zigman/627449 DJIA +1.46% rose 188 points, or 1.5%, to 12,075.66, marking its first time above the 13,000 level since early May. The S&P 500 Index /quotes/zigman/3870025 SPX +1.91% ended 1.9% higher at 1,385.97 and the Nasdaq Composite /quotes/zigman/123127 COMP +2.24% cruised 2.2% higher to 2,958.09. Read more about the action in Market Snapshot.

/quotes/zigman/9962609/quotes/nls/fb

Add to portfolio FB
Facebook Inc. Cl A
US : U.S.: Nasdaq
$ 23.71
-3.14 -11.70%
Volume: 123.00M
July 27, 2012 4:00p
P/E Ratio
52.04
Dividend Yield
N/A
Market Cap
$65.00 billion
Rev. per Employee
$1.26M


/quotes/zigman/20720/quotes/nls/sbux

Add to portfolio SBUX
Starbucks Corp.
US : U.S.: Nasdaq
$ 47.47
-4.94 -9.42%
Volume: 28.47M
July 27, 2012 4:00p
P/E Ratio
27.61
Dividend Yield
1.43%
Market Cap
$39.75 billion
Rev. per Employee
$84,535


/quotes/zigman/3870025

Add to portfolio SPX
S&P 500 Index
US : S&P Base CME
1,385.97
+25.95 +1.91%
Volume: 740.58M
July 27, 2012 4:33p


/quotes/zigman/627449

Add to portfolio DJIA
Dow Jones Industrial Average
US : DJ-Index
13,075.66
+187.73 +1.46%
Volume: 161.51M
July 27, 2012 4:30p


/quotes/zigman/3870025

Add to portfolio SPX
S&P 500 Index
US : S&P Base CME
1,385.97
+25.95 +1.91%
Volume: 740.58M
July 27, 2012 4:33p


/quotes/zigman/123127

Add to portfolio COMP
NASDAQ Composite Index
US : U.S.: Nasdaq
2,958.09
+64.84 +2.24%
Volume: 0.00
July 27, 2012 5:18p


Carla Mozee is a reporter for MarketWatch, based in Los Angeles.

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