In the last hour of trading, Facebook rose $1.41 to $29.60 on volume exceeding 98 million shares. They closed Wednesday at $28.19.
Earlier, the Menlo Park, Calif-based website won two separate "buy" recommendations from Wall Street banks that didn't participate in its $16 billion initial public offering two weeks ago.
After the close, James Gorman, CEO of Facebook's lead underwriter, Morgan Stanley (NYSE: MS) appeared on CNBC where he denied "any nefarious activity" had taken place both before and after the May 17 initial public offering.
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Earlier, the Menlo Park, Calif-based website won two separate "buy" recommendations from Wall Street banks that didn't participate in its $16 billion initial public offering two weeks ago.
After the close, James Gorman, CEO of Facebook's lead underwriter, Morgan Stanley (NYSE: MS) appeared on CNBC where he denied "any nefarious activity" had taken place both before and after the May 17 initial public offering.
Read more
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