Facebook stock cracks $30 ahead of event next week

Shares in the social network soar more than 4.5 percent, reaching levels last seen in the summertime. Yesterday, the company sent out a mysterious press invitation for an event at its HQ.

Facebook CEO Mark Zuckerberg James Martin/CNET

Mark Zuckerberg put Wall Street and the rest of the world on notice when he said at a September conference that everyone ought to "double down on Facebook's future."

If you took his advice, you'd be sitting on a nice capital gain right about now.

Remember all the Facebook bashing that accompanied the awkward -- and yes, frankly, amateurish -- way in which the company went public last spring? There was no shortage of grumbling in the following months as Facebook's shares subsequently lost more than half of their value, with the stock touching a low of $17.55 compared with the opening day high of $45.

All that seems to be behind the company, as investors have started to return to believing in the Facebook story. A few weeks ago, longtime Facebook bear Daniel Salmon of BMO Capital turned positive on the stock, raising his rating on the company from Underperform to Outperform.

So it was that the stock, which has steadily climbed since September, today broke the $30 level, soaring more than 4.5 percent by midday against the backdrop of speculation about what's on deck. The company earlier issued a mysterious press invitation for an event scheduled at its Menlo Park, Calif., headquarters next week. Facebook declined to offer more details

 

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