“Glut” Of Facebook Shares Expected on Market Today

Traders on Wall Street were expected to handle a "glut" of Facebook shares Wednesday after trading resumed following Hurricane Sandy.

 

Share prices for Facebook as well as Apple both dropped, according to the San Jose Mercury News. Facebook shares dropped due to employees of the company finally being able to sell their shares -- at $21.28, down from the $38 IO price -- and Apple dipped after the Couperin technology giant parted ways with two executives.

 

Apple traded below the $600 per share price Wednesday for the "second consecutive session," the newspaper reported. 

 

On Monday, Apple announced that software chief Scott For stall and John Brett, its "short-term retail head," were both moving on, the newspaper reported.

 

Apple sold at $591.45 at 8 a.m. Pacific time, the newspaper reported.

 

Analysts said the Apple would recover, and that the shake-up was evidence new current CEO Tim Cook is "putting his own stamp on the company," according to the newspaper.

 

Facebook employees first received permission to dump their stock during the two days trading didn't happen due to the hurricane.