Facebook shares soar 10% as major 'lock-up' ends |
| Los Angeles Times - Nov 14, 2012 |
To sell or to hold?
That's a question confronting Facebook insiders and early investors as they become eligible Wednesday to sell 804 million shares, nearly doubling the amount of the company's stock up for trading on the public market.
A lock-up period's end Wednesday could increase pressure on Facebook stock, which has languished far below its initial public offering price of $38.
But so far, Facebook stock has soared. The company's shares added $2.04, or 10%, to $21.90 in early trading Wednesday.
Major U.S. indexes, meanwhile, edged higher. The Dow Jones industrial average gained six points, or 0.1%, to 2,762. The broader Standard & Poor's 500 index was up less than a point, essentially unchanged at 1,375. The Nasdaq was up nine points, or 0.3%, to 2,892.
Brian Wieser, an analyst at Pivotal Research Group, predicted in a note that only about 487 million shares would come onto the market.
Read Full Article from Los Angeles Times
- Posted: 2012-11-14 13:32:31
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