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Facebook has its eyes on Face.com, reports say

There's nothing like an acquisition to distract investors from your falling stock price. 

Reports in the tech press Tuesday said that Facebook, whose stock is still reeling from the aftershocks of a bungled IPO, is looking to acquire Israel-based face recognition technology company Face.com for around $80 million to $100 million.

The Los Angeles Times reported that rumors of the deal for the startup surfaced in the Israeli press and then were quickly picked up by tech reporters. Several of the reports said that when they contacted Face.com CEO Gil Hirsch, he responded by saying he had no news to share.

Shares of Facebook (FB) were down about 7 percent on Tuesday to just below $30 on a day when most market indices were higher. It was the first time since Facebook's debut on May 18 that its shares dipped below $30, putting the shares about 21 percent below the IPO price of $38 a share. It was also the first time that Facebook options began trading.