Top Tech Stories of the Day: Facebook Nears $38 IPO Price for 1st Time

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Top Tech Stories of the Day: Facebook Nears $38 IPO Price for 1st Time

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Top Tech Stories of the Day: Facebook Nears $38 IPO Price for 1st Time

by Wochit 1:30 mins

Top Tech Stories of the Day: Facebook Nears $38 IPO Price for 1st Time

by Wochit 1:30 mins

Facebook's stock came within pennies of its $38 IPO price for the first time since its rocky initial public offering more than a year ago. The world's biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue. Shares of Facebook finally rose close to the company?s IPO price, nearing the $38 per share amount that the stock first debuted in May of 2012. The stock closed at $37.61 , a single-day gain of about six percent and has risen more than 43 percent in the span of a week, a massive turnaround for a security which at its lowest point dropped nearly 20 points from the company?s initial $38 IPO price. Nintendo got a huge jump on the competition when it launched its next-generation Wii U video game console ahead of the holidays last year. Unfortunately, that big advantage didn't pan out and sales of the company's new console continue to slump. More bad news came for Nintendo this week as retail giant Asda, the U.K.'s second largest grocer, stopped stocking the Wii U in its 555 stores across Britain.

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