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Facebook (FB) Shares Bounce As Company Back in Headlines (Email Switch & Quiet Period Expiration)

June 26, 2012 10:21 AM EDT Send to a Friend
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Price: $58.94 -1.31%

Rating Summary:
    38 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Shares of Facebook (Nasdaq: FB) are trading up 2.37% today (to $32.82), but have come down slightly from morning highs ($32.93). The stock was hammered yesterday (down $0.99 or 3%), a little more than the rest of the market.

The company has gotten mixed reactions from what reporters are calling a sneaky switch. Facebook recently went into members' accounts and removed their profile email, replacing it with (your name here)@facebook.com or (random number)@facebook.com. It's the company's way of trying to get you to add 'another' email and password to your memory bank. However, it's simple to go in and edit your contact info and re-add your original(?) email back in.

Investors are also anxious to get Wall Street firm's comments on the company/stock. The quiet period for the IPO underwriters expires on Wednesday, June 27. At that point, Morgan Stanley, JPMorgan, Goldman, BofA, Barclays, Citi and some others will probably initiate coverage on the stock. Currently, there are nine 'Buy' ratings, six 'Neutrals' and one 'Sell'. StreetInsider.com's Rating Insider

Overall, shares IPO'd at $38, dropped to $25.52 and are now back to almost $33. The current market cap of Facebook is approx. $70 billion and the average daily volume is still high, ranging from 20 to 70 million shares.

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