Shares of Morgan Stanley, T. Rowe Jump on Facebook Deal

Monday, 03 Jan 2011 03:42 PM

 

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News that Goldman Sachs Group Inc. was part of a $500 million investment in social networking site Facebook helped lift the stocks Monday of other big companies that recently put money into hot technologies.

Goldman shares rose $4.65, or 2.8 percent, to $172.81 in afternoon trading.

The New York investment bank and a Russian investor together took a stake in the ubiquitous social site, according to a report by The New York Times over the weekend. The stake implies that the Palo Alto, Calif.-company is worth about $50 billion.

Also gaining in Monday's session were shares of Morgan Stanley and T. Rowe Price.

The two publicly traded companies were among a group of large investors, also including Fidelity Investments, who put $500 million in Groupon, the 2-year-old social buying site that sends daily localized coupons for restaurants and attractions to more than 50 million subscribers worldwide, the Times reported Thursday.

Morgan Stanley shares added $1.21, or 4.5 percent, to $28.42.

T. Rowe Price stock hit a 52-week high of $66.15 during the session, and remained up $1.57, or 2.4 percent, at 466.11 in afternoon trading.

Also hitting an intraday high was Amazon.com Inc., which topped out at $186 per share. The stock remained up $5.61, or 3.1 percent, at $185.51 in afternoon trading. The online shopping site last month invested $175 million in Groupon competitor LivingSocial.

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 This material may not be published, broadcast, rewritten or redistributed.

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