Facebook Closes Second Day of Trading Down Nearly 11%

Shares of Facebook

closed down almost 11% on today's session. After hoovering near $38 per share on Friday, Facebook moved strongly lower in early morning trading and continued to show weakness throughout the session. It was reported that the company's underwriters (primarily Morgan Stanley

but also other major financials like Goldman Sachs

) were purchasing shares enmasse to keep the price from falling below $38. Other recent tech IPO plays like Groupon

and LinkedIn

held up on the session.