Facebook's Stock Hits 2-Month Low

Facebook Inc FB shares are trading lower by $6.00 (3.4 percent) at $164.54 in Monday's session.

Some are attributing the decline to the announcement that CEO Mark Zuckerberg has abandoned plans to create a new classification of company stock. However, the sharp move lower is more likely symptomatic of the recent move out of growth stocks into value stocks.

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After a lower open, Facebook had only a 6-cent bounce to $169.30 before continuing its move lower. So far, the ensuing decline reached $164.11 as of 11:03 a.m. EST and is attempting to rebound.

The current low coincides with its July 26 low ($164.10), which just happened to be the low for day prior to its better-than-expected Q2 report.