Tags: Facebook | Stock | ipo | shares

Facebook's Stock Jumps 5%, Ends Loss Streak

Thursday, 31 May 2012 12:43 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Facebook's stock has regained some of its losses from the past few days.

The stock jumped $1.41, or 5 percent, to close Thursday at $29.60. That comes after three consecutive days of declines. The stock is still down 22 percent since its highly anticipated initial public offering two weeks ago.

Facebook Inc. began trading on the Nasdaq Stock Market on May 18. The day started with a delay due to trading market glitches and didn't get much better from there.

The company, along with the investment banks that led the IPO, is also the subject of at least two shareholder lawsuits. They allege that analysts at the large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Morgan Stanley has declined to comment. Facebook calls the lawsuits "without merit."

Standard & Poor's equity analyst Scott Kessler, who has a "sell" rating on Facebook's stock, lowered his target price to $27 from $30 on Thursday. He also lowered his earnings forecast to 39 cents from 40 cents for 2012.

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 This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved