Why Facebook still doesn't look cheap

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FILE - In this May 18, 2012 file photo provided by Facebook, Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. Robert Greifeld, second from right, CEO of the Nasdaq-OMX Stock Market, Inc., said Sunday, May 20, the stock exchange is "humbly embarrassed" by its bungling of Facebook's debut. Facebook's stock was expected to start trading at 11 a.m. Friday, but didn't open until 11:32 a.m., and some investors didn't learn for hours whether their orders went through. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File)

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Why Facebook sti... FILE - In this May 18, 2012 file photo provided by Facebook, Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. Robert Greifeld, second from right, CEO of the Nasdaq-OMX Stock Market, Inc., said Sunday, May 20, the stock exchange is "humbly embarrassed" by its bungling of Facebook's debut. Facebook's stock was expected to start trading at 11 a.m. Friday, but didn't open until 11:32 a.m., and some investors didn't learn for hours whether their orders went through. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File)
US home sales up... A home, shown Tuesday March 20, 2012, has sold inside the Winthrop subdivision in Riverview, Fla. Americans bought more previously owned homes in April, a hopeful sign that the weak housing market is gradually improving. The National Association of Realtors said Tuesday, May 22, 2012 that home sales rose 3.4 percent last month to a seasonally adjusted annual rate of 4.62 million. (AP Photo/Chris O'Meara)
A late slide era... In a photo made May 7, 2012, trader John Vaccarine, right, works on the floor of the New York Stock Exchange in New York. Wall Street was headed for a slightly lower open on Tuesday May 22, 2012, with Dow Jones industrial futures marginally down. (AP Photo/Richard Drew)
Silicon Valley t... This is an undated booking photo, provided by the Mountain View Police, of Thomas Langenbach, taken in Mountain View, Calif. Langenbach, a Silicon Valley technology executive, is facing charges after authorities say he changed the bar codes on Lego toys at a Target store to buy them for less. (AP Photo/Mountain View Police)
Ford to get blue... FILE - This Oct. 25, 2011 file photo shows a Ford logo on the tailgate of a pick-up truck, and on a Ford dealership sign at Salem Ford in Salem, N.H. Moody's Investors Service on Tuesday, May 22, 2012 raised Ford's debt ratings to investment-grade for the first time in seven years. The upgrade means that all Ford's assets, including factories and the blue oval logo, are back in the company's hands and will no longer be used to secure the company's debt. Ford posted the assets as collateral in 2006 in order to get a $23.5 billion loan and avoid bankruptcy. (AP Photo/Charles Krupa, File)
Google completes... This undated photo provided by Motorola shows newly appointed CEO Dennis Woodside. Woodside was previously president of Google's Americas region. (AP Photo/Motorola)
Organizers: Don'... In this Friday, April 27, 2012 photo people walk past the Cafe Lympic in Stratford, east London. One day, the small espresso shop near the site of the London Games was the "Olympic" cafe. The next day, it was the "Lympic." So where did the "O" go? The manager won't say. But it's more than likely the small business became another casualty in the battle against guerrilla marketers _ advertisers who try to associate their products with an event without paying to be sponsors. Protecting the Olympic brand is always a big job, and never more so than this year. Olympic organizers say the increasing sophistication of guerrilla marketers and the rise of social media are putting the five rings under assault in ways barely envisioned a decade ago. (AP Photo/Matt Dunham)
Best Buy profit ... FILE - In this Sept 12, 2011 file photo, a Best Buy employee looks over a cell phone contract for a customer at a Best Buy in Mountain View, Calif. Best Buy Co.'s fiscal first-quarter profit dropped 26 percent on restructuring charges as the struggling electronics retailer began implementing its turnaround plan. Its adjusted earnings and revenue both topped Wall Street's expectations. (AP Photo/Paul Sakuma, File)
Gupta on Rajarat... Rajat Gupta, a former director of Goldman Sachs Group Inc., exits Manhattan Federal Court in New York
Facebook shares ... In this photo illustration, a Facebook logo on a computer screen is seen through glasses held by a woman in Bern
Golden age or bu... To match Analysis AIRCRAFT-BUBBLE/
Dell revenue low... A man wipes logo of Dell IT firm at CeBIT exhibition centre in Hannover
SEC looking at J... Commuters are reflected in stone as they walk past the JP Morgan headquarters in New York