Facebook to hold press event, stock passes $30

Facebook to hold press event, stock passes $30

Credit: AFP/Getty Images

A sign welcoming Facebook is flashed on a screen outside the NASDAQ stock exchange at Times Square in New York, May 18, 2012. Facebook is set to go public on May 18, 2012 and is likely to have an estimated market valuation of over 100 billion USD when its shares begin trading on the NASDAQ. AFP PHOTO/Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP/GettyImages)

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KMOV.com

Posted on January 10, 2013 at 10:14 AM

NEW YORK (AP) -- Shares of Facebook are pushing above $30 for the first time since July after it sent out invitations to "come and see what we're building" Tuesday at its headquarters in Menlo Park, Calif.

   The company will say nothing more about the event. Speculation Wednesday ranged from a Facebook phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with Google Inc.

   The company emailed invitations to reporters and bloggers Tuesday and by Wednesday, shares passed the $30 mark for the first time since July.

   Though still below its initial public offering price of $38, shares of Facebook Inc. have risen steadily since November as investors grow more confident that the social media site can make money through its growing mobile audience.

 

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