Follow @stockstobuy
Facebook (FB) stock is dropping hard as the company and insiders plan to sell a total of 70 million shares. Shares of Facebook (FB) are currently trading just below $53, down 5% in pre market.
This is a little strange to me because the company has plenty of cash, I'm not sure why they feel the need to dilute shareholders. FB will still be added into the S&P 500 as of the close on December 20, 2013.
Facebook (FB) will have strong support around $52 going forward. After $52, look for major support located in the $49's. With earnings coming up soon, I would be avoiding this stock and buying weakness in YELP.
Also see - Top Stocks 2014 - Top Stock Gainers 2013
