Facebook Stock Gets A Lift As Dow Gains
NEW YORK (AP) — Facebook’s battered stock is advancing slightly along with the broader market, with the Dow Jones industrial average heading higher for the second straight day.
Shares of Facebook Inc. are up 44 cents, or 1.7 percent, to $26.31 in late morning trading Wednesday. But the stock is still down by nearly 31 percent from its initial public offering price of $38.
Facebook’s stock began trading publicly on May 18 and has been falling. Investors are concerned about its ability to keep increasing revenue and make money from its growing mobile audience, though many analysts hold upbeat long-term opinions.
Facebook, based in Menlo Park, California, has nearly a billion users.
Copyright 2012 The Associated Press.