FXCM shares traded down 13% on Thursday after the company reported its results for the third quarter. (And this on a day when the Dow Jones Industrial Average was up nearly 1%).

FXCM shares now sit at $9.96, or 29% below FXCM’s IPO price of $14 per share last December.

Reasons given by those covering the company on Wall Street for the less-than-enthusiastic response to FXCM’s Q3 include:

• although decent, results were below analysts’ expectations for net profit in the quarter.
• negative guidance going foward.
• weak number of accounts added.
• commentary about expenses on the company’s investor conference call.