LinkedIn retreats after report says Facebook launching job tool

Career profile website LinkedIn (LNKD) is retreating after Dow Jones reported late Friday that Facebook (FB) is planning to launch a job board later this summer. The board will include job postings from third parties, said Dow Jones, which cited unnamed sources. LinkedIn provides some job listings and is used extensively by recruiters. In a note to investors earlier today, JPMorgan said that the overlap between Facebook and LinkedIn is probably increasing, as Facebook has added a number of features that could encroach on the professional niche. However, JPMorgan doesn't view Facebook's moves as a material threat to LinkedIn, since the firm thinks that many users will want to separate their professional and social online profiles. As a result, JPMorgan recommended using any material weakness in LinkedIn shares today as a buying opportunity. In early trading, LinkedIn dropped $4.70, or 4.32%, to $104.20. Meanwhile, Facebook climbed 65c, or 2.05%, to $32.38.