The Buzz

All markets and investing news all the time

Facebook tops $30 for first time since July

January 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.

$FB is now the safe haven stock in tech 🙂

Facebook ($FB) looking to touch $30 for the first time since July 16th. $QQQ $$

Imagine the party in the offices of Morgan Stanley if/when $FB gets back to $40.

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.

Biggest positive potential announcement from $FB press event on January 15 would be a search product. Investors would love that.

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.

$FB these geeks have something up on Jan 15. What r they doing now? Then earnings on Jan 30. This kid just discovered how to run his stock up.

Join the Conversation
Fear & Greed
Sponsored by
About This Author
Hibah Yousuf
Hibah Yousuf
Reporter, CNNMoney

Hibah Yousuf is a reporter at CNNMoney, where she covers stocks, bonds, commodities and currencies trading across the globe, as well as corporate earnings and other markets-related news. Prior to joining the site in 2009, she interned at Money Magazine.

To view my watchlist

Not a member yet?

Sign up now for a free account
Stupid Stock Move of the Day
#StupidStock Move of the Day! Yes, Urban Outfitters may be finally turnings things around. But $URBN up 17%? Seems a bit excessive, no?
Most Popular
Powered by VIP.