Tags: Facebook | Event | shares | stock

Facebook to Hold Press Event as Stock Passes $30

Wednesday, 09 Jan 2013 02:35 PM

 

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Shares of Facebook are rose above $30 for the first time since July after it sent out invitations to "come and see what we're building" Tuesday at its headquarters in Menlo Park, Calif.

Facebook stock rose $1.53, or 5.3 percent, to close at $30.59.

The company will say nothing more about the event. Speculation Wednesday ranged from a Facebook phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with Google Inc.

The company emailed invitations to reporters and bloggers Tuesday and by Wednesday, shares passed the $30 mark for the first time since July.

Though still below its initial public offering price of $38, shares of Facebook Inc. have risen steadily since November as investors grow more confident that the social media site can make money through its growing mobile audience.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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