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 opened at $38.22, 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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