SAN FRANCISCO Facebook Inc.’s stock decline on Thursday is the result of investors “succumbing to media hype” and not the case of “lockup sellers selling,” Wedbush analyst Michael Pacther said in an interview Thursday. Facebook fell to a record low as the post initial public offering lock-up period for about 271 million shares expired, making them available for insiders to sell on the open market. Pachter, who has an outperform rating on the stock, disputed the view that insiders were rushing to sell, saying in emailed comments, “This is not them. This is spooked shareholders trying to figure out what to do. If the price holds at $ 20, it will go back up in the next few days.” Facebook was last trading down 5.3% at $ 20.08.
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