It only took a little more than a year, but Facebook stock has finally returned to its IPO price of $38 a share
The stock flirted with the $38 mark in trading Tuesday, coming within four cents before ending the day at $37.63, a gain of more than 6% on the day. Facebook topped $38 in pre-market trading and climbed as high as $38.31 in the opening minutes of trading Wednesday, its first time trading above its IPO price since going public on May 18, 2012.
Facebook received a late afternoon bump from a report in Bloomberg that reasserted the social network is planning to sell TV-style commercials on its site for as much as $2.5 million a day. Much of the stock's upward momentum, however, is due to its impressive earnings report from last week, which revealed better-than-expected progress on mobile user growth and ad revenue Read more...
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