FT Alphaville " The market still does not "like" Facebook Posted by Masa Serdarevic on May 29 17:45. Another bad day for Facebook shareholders. It looks like the latest plunge - which took the shares below the $30 level - has something to do with the start of option trading this morning. The shares have dropped to new lows, down around 7.9 per cent at pixel time. Bloomberg reports that volume for puts exceeded calls by 1.3 to 1: More than 73,000 puts giving the right to sell traded. June $30 puts were the most-active contracts, with volume at 12,417. They were followed by June $34 calls and June $32 calls. Tuesday's drop means the shares are down over 23 per cent since the IPO eleven days ago. That, according to Bloomberg, makes it "the worst-performing large initial public offering during the past decade." In fact, it's even more of a disaster than MF Global's launch: The IPO, which set a record for technology companies by raising more than $16 billion, produced the worst five-day return among the 10 largest U.S. deals of the past decade. The 13 percent loss through May 24 exceeded the 10 percent drop by MF Global Holdings Inc. in its first five sessions. Related links: Greenshoes, Facebook phantoms and ETF magic - FT Alphaville MOST, averaging down -FT Alphaville This entry was posted by Masa Serdarevic on Tuesday, May 29th, 2012 at 17:45 and is filed under Capital markets.