Pre-trading levels of the new Facebook stock that made it debut last week at $38 a share, rising to $42.05 at Friday's bell, began it day at 37.08 this morning.

By opening bell, the stock had dropped to 36.53. That lower than expected opening price has not improved as the day has progressed, at 11:46 am, the stock has dropped to 33.80 and continues to wallow, not making any further significant gains or losses.

Hailed as the third largest IPO in history, Facebook had a rocky start last week when it had it first full day of trading. Its debut was rang in by founder Mark Zuckerberg, who rang the morning bell for trading. The stock performed less than expected throughout the day after delays blamed on software issues. It ended at $38.23, up only 23 cents for the day. The big, first day pop everyone was expecting, didn’t materialize.

As it continues to give up points, the bellweather for Social Media sites is under heavy scrutiny by traders. The “Outperform” rating given by Michael Pachter before its IPO, now says the underwriters overestimated the demand for the stock when they raised the offering price range.

Early investors increased their holdings of the stock on Wednesday, this led others to believe that there would be strong demands for shares.

Stocks in other social media companies are dropping as well today. Zynga, who gets a bulk of its revenue from Faccebook users through its games such as Mafia Wars, Farmville and Cityville, is trading at 7.05 this morning. Last week the same stock was over 8. The Zynga stock has rebounded from its earlier drop today to 6.36 however. Wall Street experts say the decline was due to availablity of Facebook stock.