This article is like evaluating Eli Manning's entire career based on his rookie year.
Graham analyzed mature stocks, doing business for years. His analysis has nothing to do with emerging stocks in emerging industries in their first year or two.
The only relevant stocks are RENN and LNKD that can be compared with FB, and LNKD is really the only comparable situation. After 18 months, LNKD is trading at 600x earnings. That's why you'll see the stock jump drastically in the next few months.
These type of articles are so silly, it's ridiculous to even publish them at this point.
As long as LNKD is trading at more than 500x earnings, FB is a great speculative buy at any price after next week.
OR... maybe Linked In is priced foolishly. It is much more likely that both FB and LNKD will sink to a reasonable multiple than that FB will go to hundreds of times earnings. FB had its chance at being a momentum stock and that day is now over.