The FCC voted along party lines to propose the rules, which would allow Internet providers to charge content companies, such as Facebook, for quicker and more reliable traffic delivery to their users. FCC Chairman Tom Wheeler and his two fellow Democrats outvoted the two Republicans to further Wheeler's proposal and to start formally collecting public data, according to Reuters; however, the two Democrats expressed reservations about the plan.
The stock was down 2.47% to $57.77 at 12:11 p.m.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
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 stock itself is trading at a premium valuation."