Facebook shares sink in second session

Facebook shares sank 11 percent Monday, its first day of trading without the full support of the bankers who underwrote the company's initial public offering.

The decline left some investors down almost 25 percent from where they were Friday, and drove others to switch back to more established stocks.

Facebook's debut was beset by problems, so much so that Nasdaq said Monday it was changing its IPO procedures. That may comfort companies considering a listing, but it does little for Facebook, whose lead underwriter, Morgan Stanley, had to step in Friday and defend the $38 offering price on the open market.

Without a fresh round of defense Monday, Facebook shares ended down $4.20, at $34.03, on the Nasdaq. That was a decline of almost 25 percent from Friday's highest trading price of $45 a share.

"At the moment it's not living up to the hype," said Frank Lesh, a futures analyst and broker at FuturePath Trading Llc in Chicago, adding some may have decided to hang back and buy the stock on the decline.

Some financial advisers, who might have been furious last week at getting left out, were counting themselves lucky Monday that they did not get their clients involved.

"By pure luck I failed to talk it up with a lot of clients because I didn't think I would be able to get much," said one Raymond James adviser, who sought, and received, only 500 shares for one client.