At the beginning of 2012, the talk of the tech world was Facebook's initial public offering -- the most eagerly anticipated stock debut in years. By the end of the year, Facebook was trying to claw back from one of the most disastrous IPOs in memory.
The social network priced its shares at $38, which to many investors sounded like cheap money. Some analysts predicted the stock would pop as high as $75 a share on its first day of trading.
Nope. Shares barely rose at all on the first day, and the stock lost half its value at one point during the year as investors grew concerned about the company's mobile business -- or lack thereof. Facebook(FB) is working hard -- with some success -- to prove that it can make money on tablets and smartphones. But the company still has a long way to go before investors believe its business fundamentals deserve a $38 share price.