NEW YORK (TheStreet) -- Shares of Facebook (FB) are slightly lower at $74.70 in pre-market trade after it was reported that the company is secretly working on a new website called "Facebook at Work" to get a foothold in the office that will see the social network of more than 1 billion people compete directly with Google (GOOG) , Microsoft (MSFT) and LinkedIn (LNKD) , the Financial Times reports.
The Silicon Valley company is developing a new product designed to allow users to chat with colleagues, connect with professional contacts and collaborate over documents, competing with Google Drive and Microsoft Office, sources told the Times.
The new site will look very much like Facebook - with a newsfeed and groups - but will allow users to keep their personal profile with its holiday photos, political rants and silly videos separate from their work identity, the Times added. Facebook had no comment.
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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 stock itself is trading at a premium valuation."