I'm no stock wizard, but this write up seems to make some sense.
http://news.yahoo.com/facebook-i ... ebut-100712273.html
This part makes a lot of sense to me:
" Facebook's fundamental financial metrics still don't support its current valuation. If Facebook was overvalued at $104 billion, it's still overvalued at $93 billion. Even after Monday's sell-off, Facebook investors are still betting on the hope of steep revenue and earnings growth over the next few years. With $1 billion in profit last year, Facebook still has an extremely high price-to-earnings ratio of 93-to-1. Even if you stipulate strong earnings growth, the company's forward-looking PE ratio is still at least 40-t0-1, by former Wall Street analyst Henry Blodget's most "aggressive" scenario. That makes Facebook still much more expensive, on a forward-looking (2013) basis, than tech juggernauts like Apple (10-to-1) and Google (12-t0-1). Is it any wonder that Apple shares climbed nearly 6% on Monday, as investors chose its relative safety over Facebook? (Google shares climbed 2.3%). "