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NEW YORK (AP) — Facebook's stock plunged to a new low Thursday after the expiration of a ban that had prevented some early investors and insiders from dumping millions of additional shares they own in the social-networking leader.
Firms ranging from Accel Partners to Goldman Sachs, Zynga CEO Mark Pincus and Facebook board members James Breyer, Peter Thiel and Reid Hoffman were among those free to sell stock they own, after the lifting of a ban known as a lock-up period. If many of them took advantage of that, Facebook's stock could decline because the market would be flooded with nearly two-thirds more shares.
It's not yet known whether any of those investors had sold any shares. The stock price decline could have reflected investors' anticipation of such a move.
On Tuesday, shares of online reviews service Angie's List suffered the biggest one-day drop and closed at a new low following the expiration of a similar ban. The price dropped, even though there was no word on whether any of the major investors had dumped their shares.
Facebook Inc.'s stock traded as low as $19.69 before bouncing back to $19.91 in midday trading Thursday. That's still 6 percent down, or $1.29, from Wednesday's close and about 48 percent below its initial public offering price of $38. If the stock hits $19, it will have lost half its value since Facebook went public in May.
By noon, nearly 100 million shares had traded — more than three times the average volume on a full day.
It's been a rough run for Facebook. After one of the most-anticipated IPOs in history, Facebook suffered what may be the most-botched public offering as trading glitches marred its first day. It's been almost all downhill for the Menlo Park., Calif., company since then.
Investors have been concerned about Facebook's ability to keep increasing revenue and make money from its growing mobile audience, even as many analysts hold positive long-term views.
Those eligible to sell stock on Thursday were the investors and directors who had participated in the May IPO. The exception was CEO Mark Zuckerberg, who will be ineligible until November. Microsoft Corp., an early Facebook investor, was eligible to sell, though it was unlikely to do so because of partnerships it has with the social network.
Lock-up periods prevent insiders from unloading shares too close to an IPO and can help prevent volatility that might occur if too many shareholders decide to sell a newly traded stock all at once. They generally start to expire 90 days after a stock makes its public debut. Thursday marked 90 days since Facebook's began trading publicly on May 18.
Other shareholders, including many Facebook employees, will be able to sell beginning in October. The last lockup period expires next May, a year after the IPO.
In all, up to 1.91 billion more shares could flood the stock market over the next several months — more than four times the 421 million shares that have been trading since Facebook's IPO. Of the 1.91 billion, 271 million shares became eligible for sale Thursday.
Copyright 2012 The Associated Press.
CHICAGO (AP) — Houston Astros right-hander Bud Norris left Wednesday's game against the Chicago Cubs after being hit in the foot by a line drive in the fourth inning.
Following David DeJesus' second homer of the game, Josh Vitters hit a liner up the middle that deflected off Norris' left foot toward the third base bag.
Norris took two warm-up pitches before shaking his head toward the team trainer. He was replaced by Chuckie Fick. Norris was diagnosed with a left foot contusion.
He gave up six runs on eight hits over 3 1-3 innings and left trailing 6-1. He has now gone 13 consecutive starts without a win.
Copyright 2012 The Associated Press.
CHICAGO (AP) — Chris Volstad is not thinking about his winless skid. He's just trying to make better pitches.
Volstad gave up a three-run homer to Brett Wallace and remained winless in 23 starts, the Chicago Cubs' 10-1 loss to the Houston Astros on Tuesday night.
"The past is in the past, so the only thing I'm concerned with is my next game," Volstad said.
Fernando Martinez also hit a three-run homer, backing Lucas Harrell's eight strong innings for Houston.
Harrell (10-8) scattered six hits and struck out six, helping the Astros win for only the third time in their last 28 road games. Harrell has allowed two runs or fewer in all seven of his starts since the All-Star break.
"Harrell came right after us," Cubs manager Dale Sveum said. "Looked like he threw probably 90 percent fastballs. We didn't capitalize on his aggressiveness at all."
Volstad (0-9) lasted just five innings, allowing eight hits and four runs in his latest bid for his first big league win since July 10, 2011. He is approaching the major league record of 28 held by Cliff Curtis, Matt Keough and Jo-Jo Reyes.
"There was nothing real crisp going on," Sveum said. "The command, getting the ball up. The off-speed stuff, that's what was getting hit hard."
In Volstad's first two outings since being recalled from Triple-A Iowa on Aug. 1, he allowed just five runs in 13 innings. He wasn't as sharp on Tuesday, but still sees some positives.
"I had a really good changeup," Volstad said. "Sinker had some good action on that. Fastball was down for the most part. Probably one or two that were elevated a little bit. I would say as far as consistency, that's getting better."
Volstad fell to 0-14 with a 5.51 ERA during his winless skid, which has been dotted with quality outings here and there.
Scott Moore added a solo shot and double twice for a career-high three extra-base hits. Jose Altuve doubled twice and had three of Houston's 13 hits.
Darwin Barney drove in the Cub's run with a fielder's choice in the seventh.
The Cubs have lost 12 of 14 and matched their season high by falling 25 games under .500, their worst record since finishing the 2006 season 30 games below break-even.
Harrell retired the first eight Cubs before Volstad singled with two outs in the third, his first hit of the season. Harrell induced two double plays and nearly got a third when Barney just beat Tyler Greene's relay in the seventh, allowing Starlin Castro to score.
Harrell got plenty of support in Houston's biggest offensive outburst since scoring 11 runs in Chicago on June 10 against the White Sox. Houston had scored just 11 runs combined in its last six losses on the road.
"Isn't that nice?" Astros manager Brad Mills said. "Besides swinging the bat, we made some defensive plays. Lucas comes out and gives us just an absolutely quality start, and gives us that opportunity."
Wallace's homer to dead center in third gave Harrell an early cushion.
Houston's five-run sixth was aided by Castro's error on a likely double-play ball, his 18th miscue of the season. He tied Pittsburgh third baseman Pedro Alvarez for the most errors in the majors.
Moore doubled in Altuve in the first to open the scoring and kick off his best night as a big leaguer. Moore, who broke into the majors with the Cubs in 2006, doubled and scored in the sixth and hit a solo homer to right in the seventh.
Volstad will get another shot at breaking his funk in five days, when Sveum hopes he will see more of what he showed in his two previous starts.
"After a couple of good outings, even the outing in Triple-A, it was kind of based around one pitch," Sveum said. "I think he'll tell you his stuff wasn't what it was the last couple of outings."
NOTES: Mills said RHP Francisco Cordero (sprained ligament in toe) likely won't return until Sept. 1. ... The Cubs announced that Albert Almora, their top pick in June's draft, had been promoted from rookie league Mesa, Ariz., to Class-A Boise. Almora, 18, hit .347 with one homer, 13 RBIs and five steals in 18 games for Mesa. ... Sveum said RHP Matt Garza had not been ruled out for the season, but was still more than a week away from resuming throwing. Garza was placed on the disabled list on July 28 because of stress reaction in his right elbow.
Copyright 2012 The Associated Press.
COLLEGE STATION, Texas (AP) — A funeral will be held Saturday at Texas A&M University for a law officer gunned down nearby while serving an eviction notice.
The College Station Police Department on Wednesday announced arrangements for Brazos County Constable Brian Bachmann.
Bachmann was killed Monday by suspect Thomas Caffall III. Other officers fatally shot Caffall.
A bystander checking some property was also shot to death. Three police officers and a female bystander were wounded.
Viewing has been scheduled Friday evening at Christ United Methodist Church in College Station.
Bachmann's funeral will be at 2 p.m. Saturday at Reed Arena, which has a total seating capacity of 12,500.
Officer Rhonda Seaton says both remembrances are open to the public.
Copyright 2012 The Associated Press.
LONDON (AP) — Queen Elizabeth II's husband, Prince Philip, was taken to a hospital Wednesday as a precautionary measure, Buckingham Palace said.
Officials did not provide any details about the cause of the 91-year-old's trip to the hospital, which follows two recent health scares.
Philip, also known as the Duke of Edinburgh, was taken from the royal family's Balmoral estate in Scotland to the Aberdeen Royal Infirmary on the advice of his physician.
The palace said he traveled the 40 miles (64 kilometers) to the hospital by road.
Philip has endured several health problems recently. He was hospitalized for five days in June with a bladder infection that may have been aggravated by his prolonged appearance at a flotilla pageant marking the queen's 60-year reign.
He later resumed royal duties, attending the opening ceremony of the Olympics on July 27, watching his granddaughter Zara Phillips take part in Olympic equestrian competition two days later and carrying out engagements on the Isle of Wight on Monday. He has looked well at recent events despite his advancing years.
He was diagnosed with heart disease in December after experiencing chest pains that required him to spend Christmas in a hospital. He underwent a successful coronary stent procedure and seemed to recover well, resuming a full schedule within several weeks.
Philip is a former naval officer who married the queen in 1947. His health remained robust through his 80s, but he has appeared frailer in recent years.
When he turned 90, he said he was "winding down," and he has cut back on official duties. But he still carries out some engagements, both with his wife and on his own.
Copyright 2012 The Associated Press.
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