NEW YORK ( TheStreet) -- Facebook (FB - Get Report) shares lost 2.85% to close Wednesday trading at $19.65 after a Bloomberg article questioned whether company tried to hide risks in its business model.
Bloomberg reported that Facebook tried to hide its mobile risks in its IPO filing, but TheStreet debunked this, showing that the risk was highlighted in the company's initial filing on Feb.1.
"Growth in use of Facebook through our mobile products, where we do not currently display ads, as a substitute for use on personal computers may negatively affect our revenue and financial results," the filing said.
Apple (AAPL - Get Report) shares closed up marginally, gaining 0.8% to close at $640.91. Recent reports had suggested that Apple would send out invites today for its iPad Mini event, but nothing had materialized by 4 P.M. EST. Shares have been hit in recent days on concerns over supply chain issues and estimate cuts. Apple outperformed the broader Nasdaq, which fell 0.43%, as stocks continued to pull back from recent highs. Interested in more on Apple? See TheStreet Ratings' report card for this stock. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull