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Facebook lower ahead of large lockup expiration

Facebook (FB) is retreating one day before approximately 777M additional shares of the company are expected to become eligible for sale. In a September 4 regulatory filing, the social networking giant reported that about 749M of its outstanding shares and about 28M restricted stock units not held by current employees as of October 15 would become eligible for sale on November 14, 2012. On December 14, 2012, about 156M shares held by IPO participants will become eligible to be sold, Facebook added. As of August, Facebook CEO Mark Zuckerberg had no plans to sell any of his shares, the company reported. Meanwhile, in a note to investors on October 24, Wells Fargo wrote that the stock had bottomed and "should be able to withstand the coming share lockups." In late morning trading, Facebook dropped 42c, or 2.09%, to $19.65.