Facebook tops $30 for first time since JulyJanuary 9, 2013: 12:48 PM ET
Facebook (FB) stock rallied nearly 4% Wednesday, crossing $30 a share for the first time in six months.
The social network sent media invitations late Tuesday for an event at its Menlo Park, Calif. headquarters on January 15. The invitation called for reporters to "Come and see what we're building," fueling speculation that the company will make a major product announcement.
Hitting $30.28 Wednesday, the highest level since mid-July, shares of Facebook are now up more than 70% from their all-time low hit in early September. But the company's stock is still 20% below the company's initial public offering price of $38.
The notable advance in the stock gave StockTwits users plenty to chat about.
Morgan Stanley (MS) was the lead underwriter for Facebook's initial public offering in May. Shares of Facebook began falling almost immediately after their debut, and many criticized Morgan Stanley for overpricing the offering.
In September, while speaking publicly for the first time since Facebook's IPO, CEO Mark Zuckerberg highlighted the company's "big opportunity" in search, noting that users generate a billion searches on Facebook per day.