The Facebook Reviews Are In 10:07 AM ET Mon, 21 May 2012

Volume was again massive, with more than 96 million shares trading hands by 11 a.m. EDT, making it by far the most active stock on the U.S. market. Nearly 581 million shares were traded on Friday.

"One of the things that we are seeing in Facebook is a lot of emotional trading, in that over the weekend much of the media coverage was negative, and that could be weighing on investors' decisions to get out of the stock," said JJ Kinahan, TD Ameritrade's chief derivatives strategist.

The drop was so steep that circuit breakers kicked in a few minutes after the open to restrict short sales in the stock, according to a notice from Nasdaq.

Shares in other one-time Internet darlings fell in lockstep with Facebook on Monday, with Yelp , LinkedIn and Zynga all lower at mid-morning.

The news was not all bad, though, as the Nasdaq rose 1.2 percent. High-profile tech stocks rose sharply, with Apple up 3.3 percent and Amazon 1.6 percent higher.

As the stock fell, there was a long list of questions—ranging from whether the underwriters priced the shares too high to how well prepared the Nasdaq was to handle the biggest Internet IPO ever—and few immediate answers.

"It was just a poorly done deal and it just so happens to be the biggest deal ever for Nasdaq and they pooched it, that's the bottom line here," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.