Facebook's stock continues on a tear

One day after breaking the $30 mark, Facebook settles above $31 as speculation about next week's media announcement builds.

The Nasdaq board in Times Square advertises Facebook on May 18, 2012 Spencer Platt/Getty Images

Yesterday it broke $30. Today it surpassed $31. Tomorrow -- anybody's guess but the decided bias in the market is up as Facebook's stock continued on its recent tear, the latest catalyst being the mounting speculation about a possible phone in the company's future.

Facebook's shares, which climbed as high as $31.45 during the day, closed at $31.30, up 71 cents.

The company has issued an invitation to reporters to an announcement at Facebook's headquarters Tuesday. Elsewhere, the stock may be getting a boost from optimism about management's ability to better monetize Facebook's mobile business. Facebook releases its quarterly earnings on January 30. The consensus earnings-per-share estimate among the 33 analysts is 15 cents.

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