Share price hits $50 as speculation over Jan. 15 showcase rises
Facebook stock continued an upward march Thursday ahead of earnings and after inviting reporters to “come and see what we’re building” at a press event next Tuesday that has fueled furious speculation.
The stock passed $30 this week for the first time since July after invites went out Wednesday. On Thursday, it jumped 2.23% to $31.30. The move follows a nice run in recent weeks, something of a vindication after the group’s rocky IPO in May, which saw shares sink from an initial offer price of $38 and then stagnate. The price fell to $26 and has been pushing its way back.
A more sanguine outlook on the mobile ad market and quarterly earnings scheduled for Jan. 30 was buoyed by the press invite to Facebook’s Menlo Park, Calif. headquarters Jan. 15.
The company didn’t say what the event was planning to showcase, however, be it new search capabilities or even a Facebook phone, something founder and CEO Mark Zuckerberg has denied is in the works.