(Reuters) - Facebook shares sank on Monday in the first day of trading without the full support of the company's underwriters, leaving some investors down 25 percent from where they were Friday afternoon.

Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing but does little for Facebook, whose lead underwriter Morgan Stanley had to step in and defend the $38 offering price on the open market.

Without that same level of defense, its shares fell $4.50 to $33.73 in the first 1-1/2 hours of trading. That represented a decline of 11.8 percent from Friday's close and 25 percent from the intra-day high of $45 a share.

"At the moment it's not living up to the hype," Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago said, adding that some people may have decided to hang back and buy the stock on the declines.

"Look at the valuation on it. It might have said 'buy' to a few people, but boy it was awfully rich," he said.

The losses wiped some $19 billion off of the company's market capitalization -- not far from what Chief Executive Mark Zuckerberg was worth personally when the stock debuted.

Volume was again massive, with more than 96 million shares trading hands by 11 a.m. EDT (15OO GMT), making it by far the most active stock on the U.S. market. Nearly 581 million shares were traded on Friday.

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."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.

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.

NASDAQ CHANGES

Nasdaq said Monday morning the changes it was making would prevent a repeat of what happened Friday, when glitches prevented some traders from knowing for hours whether their trades had been completed.

The exchange also said it would implement procedures to accommodate orders that were not properly executed last week, which could ultimately lead to compensation for some investors.

"It doesn't instill confidence for clients. Talk about trying to convince them it isn't a casino," one Midwestern financial adviser told Reuters on Monday.

Separately, a source said Morgan Stanley's brokerage arm still had a "large number" of share orders from Friday that were not confirmed, which it was working to resolve.

A Facebook spokeswoman declined to comment on the share price issue.

But analysts said that after the initial frenzy, investors were quickly becoming cautious about the stock.

"Investors are increasingly aware of the risk embedded in the stock price. There are real concerns about growth and advertisers' frequent lack of certainty how best to use Facebook, along with rising costs and ongoing acquisition risk," said Brian Wieser at Pivotal Research Group, who has a $30 target on the stock.

"At $38, the stock is priced for perfection in a manner that implied that risks were negligible."

ALLEN PARK - (WWJ) Police were called to the home of a man believed to have shot his wife and then barricaded himself in his home.

The incident began late Sunday afternoon in the area of  Warwick Street near Allen Road, when a call came into 911 from a woman who said she had been shot by her husband.

Police believe the man shot his wife in the stomach – causing her to run from the home and call police from a neighbors phone.

Allen Park police and SWAT teams responded to the home when the man refused to come out.

The man eventually surrendered to police and is now in custody.

The victim was taken to an area hospital and the is no word on the woman’s condition.

LANSING (WWJ) – If you don’t usually wear your seat belt, area law enforcement may catch up with you.

The latest Click it or Ticket campaign kicks off Monday, where police will be ticketing you if they catch you not buckled up to increase seat belt use.

“Seat belts are the main thing to keep people safe in the event of a crash,” said Anne Readett of the State Office of Highway Safety Planning. “They reduce the risk of death by about half in a crash.”

Readett says 200 people who weren’t wearing their seatbelts were killed in Michigan last year. She says a ticket will cost $65 with the enforcement period running through June 3rd.

DETROIT — Three young men were arraigned Sunday in the assault and carjacking of popular Detroit pastor and gospel singing icon Marvin Winans.

The office of Wayne County Prosecutor Kym Worthy identified the suspects as Detroit residents Montoya Givens and Christopher Moorehead, both 20, and Brian K. Young, 18, of Macomb County's Clinton Township. They are charged with carjacking, unarmed robbery and conspiracy, said Maria Miller, Worthy's spokeswoman.

The charges carry up to life in prison.

The men appeared in Detroit's 36th District Court and were ordered held on $200,000 bonds. Their preliminary examinations, in which a judge decides where there's enough evidence for the case to go to trial, are June 1.

A prosecutor's spokeswoman said Sunday she didn't think the defendants had lawyers yet.

Winans, 54, was attacked Wednesday afternoon while pumping gas in Detroit. The robbers took his sport utility vehicle, Rolex watch, cash and credit cards.

"This is just an example of the diligence that our officers put forth when investigating criminal cases," police Chief Ralph Godbee said in a statement Sunday.

Worthy said she also was pleased with closing the case, but got in a dig at the effectiveness of Detroit police. She said she was "buoyed by the fact that this case was well investigated by the police and that we were able to charge this case quickly. However, with the proper resources this could be done in all cases."

She also said the city should be concerned about an increase in crime, especially offenses that never make it into police records.

Winans sustained bruises and scrapes and was treated at a hospital and released. He is pastor of the 4,500-member Perfecting Church and delivered singer Whitney Houston's eulogy in February.Godbee said he agreed with Worthy that "reported crime ...has slightly increased." He called on citizens to make sure crimes are reported and that they cooperate with investigators in solving solve them.

"I'm just saddened that it has come to this," Winans said shortly after the attack. "This kind of nonsense just has to stop. It's just the savageness of what's happening in the street."

He continued with that message Sunday, as his congregants welcomed him with cheers and applause.

Recalling what he said to a woman who gave him a ride to his church after the attack, Winans said he told her, "I'm just sad ... to think we have reared young men to prey – P-R-E-Y – on people that they think are weaker."

Winans told reporters before the service that he believes Detroit can be turned around.

"The city is fixable, and it starts with the men of the city, in particular the black men," he said. "And I ... want to urge all of you men who hear me to go and get your sons. I'm not bitter. I'm not upset. I'm saddened by what has taken place. But I'm also inspired. We have to make a change in this city."

A suburban high-end gourmet market may become the latest full-line grocer to commit to opening a store in Detroit.

Papa Joe's Gourmet Market & Catering, which has locations in Birmingham, Rochester and inside Royal Oak's Beaumont Hospital, is in discussions to become the Motor City's newest grocery addition. A Meijer Inc. store is expected to open in spring 2013 at Eight Mile and Woodward Avenue, while a Whole Foods store is scheduled to open later next year in Midtown.

Tony Curtis, part owner of Papa Joe's, told The Detroit News the market is trying to determine the viability of the project.

"All I can say is that I scrutinize every offer that every developer offers to me to see if it can be a viable location and opportunity for both Papa Joe's and the community," Curtis said in an email. "I believe that if enough business people put enough time, money and effort into Detroit, we can make it a great city once again."

Papa Joe's, around for more than two decades, is known for its variety of gourmet products and fresh produce. The market offers full catering services, wedding cakes, pastries, floral products and gift baskets.

Curtis did not disclose where the market is considering setting up shop. Bedrock Real Estate Services, one of Detroit-based Quicken Loans Inc.'s family of companies, confirmed it is in discussions with several grocery stores to locate downtown, but declined to name any candidates.

Bedrock — owned by Quicken Loans founder Dan Gilbert and partners — owns nine buildings downtown and has added new tenants in the past month, including Chrysler Group LLC in the former Dime Building that is now called the Chrysler House.

It is unclear whether Papa Joe's is seeking incentives.

A Michigan Economic Development Corp. spokesman said he is unaware of any incentives for a Papa Joe's store.

The Detroit Economic Growth Corp. said it does not discuss possible tax incentives until they are finalized, but did say Papa Joe's could take advantage of the Green Grocer Project, which is designed to increase the number of high-quality grocery options for Detroit consumers.

The developer of Whole Foods received $4.2 million in private and public incentives. The Gateway Marketplace project, which will include a Meijer as the anchor store, received $6.1 million in brownfield tax credits and a school tax break valued at about $10.8 million, among other incentives.

Will Smith is in the middle of a press tour for "Men in Black 3" and got more than he bargained for while in Moscow this week.

Smith was walking a press line when a reporter stopped him to give him a hug and attempted to kiss him.

"Hey man, what the hell is your problem?" Smith exclaimed, and pushed him away, before slapping the man in the face. "He tried to kiss me on my mouth!"

"He's lucky I didn't sucker punch him," Smith added afterward.

According to TMZ, the man involved in the incident is a TV reporter who likes to kiss celebrities.

The incident comes weeks after more rumors suggesting the actor and his wife, Jada Pinkett Smith, are on the rocks yet again. The couple has denied any divorce rumors.

Why demolish an abandoned house when you can turn it into a perfectly good piece piece of custom furniture?

That's the logic behind a DIY workshop being put together by Reclaim Detroit this Saturday. The three-hour workshop will teach participants how to make a their own benches using items taken from deconstructed homes in Detroit. Those who take the course will be able to bring their creations home with them.

The city of Detroit demolished 3,000 vacant buildings between 2010 and 2011, and Mayor Dave Bing has called for up to 10,000 abandoned homes to be torn down.

WARM Training Center launched Reclaim Detroit with the assistance of Detroit GreenWorks Solutions last year to encourage the reuse of materials from some of these vacant structures.

The social enterprise salvages materials that might otherwise end up in landfills. It claims to offer deconstruction services at prices that are comparable to the cost of demolition and also sells reclaimed materials to the public.

The event takes place Saturday, May 19 from 9 a.m. to 12 p.m. at Focus: Hope (Building C), located at 1200 Oakman Boulevard in Detroit. There is a registration fee for participating in the workshop. For more about Reclaim Detroit visitreclaimingdetroit.org or click here for registration information.

BIRMINGHAM (WWJ) – What’s the number one issue facing Detroit right now? Mayor Dave Bing says that, next to the city’s financial crisis, it’s clearly crime.

“We, every day, see that some heinous crimes are perpetrated  and it’s just hard to relate with some of the things that are going on right now,” Bing said, talking at “Pancakes & Politics” at the Townsend Hotel in Birmingham.

“But we spend an awful lot of time with our police chief and other public safety officials to see what we can do to curb this violence and try to get people feeling good about the city — and safety is number one,” he said.

Bing was joined by Oakland County Executive Brooks Patterson, Wayne County’s Robert Ficano and Macomb Executive Mark Hackel for Friday’s  ”Big Four” panel discussion.

Taking questions from the audience, Bing was asked if he’d be willing to allow law enforcement from neighboring counties to enter the city to respond to calls if they could get there quicker than Detroit police.

Bing said he’s been talking with Gov. Rick Snyder about training State Police to work within the city.“… I’m not a law enforcement specialist, if you will. That’s something that I really leave to our chief of police,” said Bing. “But, as a citizen, I do believe that the response time is very, very important. And, if in fact, that we can work out a situation where we are communicating and utilizing all of the resources that we can for the benefit of our citizens, I am personally in favor of that.”

Hackel said Detroit Police Chief Ralph Godbee is already working with law enforcement agencies in the suburbs to deal with computer crimes and drug-related issues.  ”So, we do cross jurisdictional boundaries to help with each other within some of those specialized units,” Hackel said, adding that working out whether an outside officer would have the authority to issue violations outside their jurisdiction is a much more complicated issue.

Also up for discussion Friday was the recent turmoil within Wayne County government. (More on this, here).

Is it time for Wayne County Executive Robert Ficano to step down, in the wake of the scandals that have been dogging his office?

Once again, Ficano said no way.

“I’ve been a public official for 30 years … I, you know, was able to do everything right for 29. Suddenly for 6 months there’s a difficulty and then you’re going to be defined for those 6 months versus, you know, the other 29 years that you did and all the positive things that have happened,” he said.

Ficano said it’s still business as usual in Wayne County.

Now in its seventh season, the The Michigan Chronicle’s Pancakes & Politics series is presented by Comcast Business Class, Strategic Staffing Solutions and Real Times Media.  It’s sponsored by WWJ Newsradio 950, along with WWJ-TV and Crain’s Detroit Business.

The Detroit Pistons just concluded their fourth consecutive losing campaign, finishing the regular NBA season with a 25-41 record. Some basketball pundits have said there are plenty of reasons to smile when looking into the crystal ball of the Pistons’ future.

 However, after giving Detroit area fans a noteworthy run of six consecutive NBA Eastern Conference Finals, watching the 2012 NBA Playoffs unfold still leaves a void in my basketball spirit. The question is why am I feeling a void, when the Pistons have posted 25-41, 30-52, 27-55, and 39-43 records since 2008-09?

Just think, in 2007-08 our Pistons had a 59-23 record and lost in the Eastern Conference Finals. It now seems like a thousand years ago. The main question is when will this gallant franchise right itself and get back into the NBA hunt for a title?

With a shortened year due to the lockout and a roster of unproven talent, the expectations for the 2011-12 Pistons season were set at a low bar. The Pistons weren’t expected to make the playoffs or become the Cinderella team of the NBA.

Also, this was head coach Lawrence Frank’s first season at the helm. He followed a string of unsuccessful  coach selections by Pistons President Joe Dumars. Flip Saunders, Michael Curry and John Kuester all have had recent shots at being the face of the franchise.

The Detroit fans are eager to see the Pistons get back to their winning ways. Could it come sooner than expected? Will next season be the one?

Many are saying Dumars has found his guy in Frank. Did Frank, unlike Kuester, start the process of changing the mentality of the team and create a positive vibe with his players? The popular theory is he will be the coach for many years to come.

“We started the season 4-20, but finished it over .500 the rest of the way,” Frank told me. “I’m disappointed that we did not make the playoffs or finish .500. With us sitting at home watching the playoffs, hopefully it will be motivation for some. No doubt we have to get better, starting with me.”

Frank does indeed have a solid nucleus to revamp the franchise. Point guard Brandon Knight and guard Rodney Stuckey are a decent backcourt pair. They may not be as good as the Bad Boys era — the Pistons who had one of the best backcourts in the NBA with Dumars and Isiah Thomas. Years later, Dumars paired Richard Hamilton and Chauncey Billups as they helped lead Detroit to a championship in 2004.

As the season progressed, Frank turned the team over to his young point guard. Knight made great progression as the season went on and earned his stripes as a rookie. With a full offseason and continuous development with the team, Knight can be the leader the Pistons need.

“As the season went on I felt better about what I could contribute to this team,” Knight said. 

“I know I have work to do to get better and compete with all the great point guards in this league. I plan to stay in Detroit in the offseason and work on the things I can to take my game to another level and help this team get better.”

For many seasons, head coaches tried to make Stuckey into a point guard. 

With the growth of Knight, Stuckey was able to slide over to shooting guard and highlight his natural ability as a scorer. Stuckey drives the lane as well as anybody in the NBA and has had some big fourth quarters for the Pistons.

Another bright spot for the Pistons was center Greg Monroe. He put together a fine campaign for Most Improved Player this season, averaging 15.4 points and 9.7 rebounds, including an impressive 31 double-doubles.

Monroe established himself as one of the better centers in the league and will stay in that elite company as his game continues to evolve.

It’s unclear where Detroit will draft on June 28, but the draft carries a deep pool of talent, especially in the frontcourt.

The Pistons need to find a consistent power forward to play next to Monroe. 

Frank played musical chairs at that position last season, rotating a large number of players at that spot (Jason Maxiell, Austin Daye, Charlie Villanueva, Ben Wallace and Jerebko). All are useful role players off the bench, but the Pistons need a real beast to complement Monroe. 

There is plenty at stake on the Pistons’ offseason.

(MoneyWatch) Newly minted shares of Facebook (FB) were due to start trading at 11 a.m. ET Friday, but a trading glitch delayed the action. The IPO has sent investors scrambling for a piece of one of the hottest public offerings to ever hit the tape. CEO Mark Zuckerberg opened the NASDAQ exchange remotely Friday morning from the company's Menlo Park, Calif., headquarters. Priced at $38 per share but expected to zoom higher in the early going, the offering could raise $18.4 billion for the social networking web site.

The offering price also means the company is valued at $104 billion -- and that's before any runup in the share price. Even the opening sticker price makes Facebook the biggest-ever valuation by an American company at the time of its offering and the second-largest U.S. IPO ever behind Visa.

At the $38 share price, Facebook ranks as the 36th company in the world, just above French petroleum company Total, and the 23rd largest U.S. company, as measured by stock market value (number of shares outstanding multiplied by the stock price). That makes it larger then Amazon.com and Cisco Systems.  It doesn't rank quite so high when it comes to sales, however -- Facebook is 909th in terms of annual revenue.

Facebook has 900 million users, and that number is growing. The question is how to make more money off of them. Right now the company reports "revenue per user" of $5.11, compared with $30 per user for Google. 

But while there is much anticipation and excitement surrounding Facebook's initial public offering, it is unlikely that individual investors can actually obtain shares at the $38 offering price - generally, large institutional investors get first dibs on the offering price while private investors may end up paying a higher, market order price. The Wall Street Journal reported that trading firm Knight Capital Group had a client willing to pay $4,000 a share