Facebook stock slumps another 9 percent Commuters pass by the Nasdaq MarketSite in New York's Times Square. Investors are still giving Facebook stock a thumbs down. Shares of the social media network, which hit the public markets Friday with a messy stock offering, fell another $3.03 or 9 percent Tuesday to close at $31, 8 percent below the IPO price of $38 and 31 percent below Friday's intra-day high of $45 a share. (Track Facebook's stock price (FB) here.) Facebook shares were weakened by doubts over the company's valuation after Reuters reported that Morgan Stanley, the lead underwriter for the company's IPO, cut revenue forecasts for the social networking site shortly before the company went public. "When Facebook broke the deal price, it became self-fulfilling that there was going to be additional pressure on the stock," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles, adding that there were still those "who think valuation is way too high." Related: Underwriter cut Facebook estimates before IPO Facebook, its investment bankers and the Nasdaq stock market have come under fire for not making sure one of the most anticipated market offerings in recent memory happened smoothly. Nasdaq faces short-term costs from its botched handling of Facebook shares on the first day of trading, but longer-term repercussions could be more expensive as it struggles to restore its image. CNBC's Brian Shactman describes Facebook's first day of trading play by play.