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Facebook (FB) Shares Back Above $30
The last time Facebook (NASDAQ: FB) shares were above $30, Barack Obama was president, Alabama was the reigning college football national champion, and a barrel of oil cost roughly $92. OK, so not much has changed. This time, however, $30 a share is a welcome sight if you’re a Facebook investor. Once the laughingstock of the entire market after tanking in the months following its overly hyped May 18 IPO , Facebook shares are on the comeback trail. Since hitting close to rock bottom of $19.21 a share on November 9, Facebook has been on a rampage, rising 58% in exactly two months. Today’s 4.5% gain has pushed the stock above $30 a share for the first time since mid-July. An invitation sent to reporters to attend a press conference on its own Menlo Park, Calif. headquarters next Tuesday, fueling speculation that it may be a new product launch. Despite its latest push, the stock is still almost $8 shy of its $38 IPO price. Considering the stock has rarely been above $30 since falling below the mark in late May, though, today’s move is reason for Facebook shareholders to celebrate. The stock still isn’t cheap at 157 times earnings. So it may be a while before Facebook shares return to their IPO levels.
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