Facebook (FB) Drops Amid Tech Stock Selling

NEW YORK (TheStreet) -- Facebook  (FB) dropped on heavy volume on Friday afternoon as the tech sector was hit hard throughout the day.

The Dow and S&P 500 rallied in the morning to hit new intraday highs, but investors quickly turned on tech stocks and Facebook, Netflix  (NFLX), and Amazon  (AMZN), among other tech stock, suffered.

Facebook fell 3.85% to $57.20 at 1:27 p.m. More than 92 million shares had changed hands, which easily exceeded the average volume of 61,113,600. The stock had a range of $56.40 to $60.20 for the day and $22.67 to $72.59 for the year.

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TheStreet Ratings team rates FACEBOOK INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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