Midday movers: Facebook, Yahoo, JC Penney
The delayed Facebook opening unnerved investors who began to sell equities, pushing the averages lower.
Facebook (FB) fizzled in its first day of trade on the Nasdaq after posting early gains of as much as 18%.
Yahoo (YHOO) shares climbed 5% after a report that said a deal was near for selling its Alibaba Group stake.
Winnebago (WGO) said it lacks "sufficient information" about North Street's $321 million takeover bid.
Among the notable market gainers on Friday are OraSure Technologies (OSUR), after it announced that regulatory advisers backed the company's bid to bring to market the first at-home HIV test; and Sina (SINA), after Barclays raised the company to "overweight."
Noteworthy losers include J.C. Penney (JCP), after it reported a first-quarter loss and said it would discontinue its quarterly dividend; and Abercrombie & Fitch (ANF), after it reported disappointing first-quarter revenue and same-store sales numbers.
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Excitement is growing about the company's new iPhone, expected this fall.
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