Boom! Major Reversal in Facebook (FB)
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Facebook (Nasdaq: FB) saw a major intra-day reversal Thursday, which is in part being attributed to speculation that Russell indexers are jumping in the stock today ahead of month end.
After trading down as much as 5 percent earlier in the session, the stock was last trading up 1.4 percent.
In addition to index fund buyers, shorts may be looking to lock in gains before things get out of control on the upside.
While shares are still down 26 percent from the IPO price, a positive close would go a long way to help stabilize the stock. Since coming public on May 18th, the stock has only closed green twice.
After trading down as much as 5 percent earlier in the session, the stock was last trading up 1.4 percent.
In addition to index fund buyers, shorts may be looking to lock in gains before things get out of control on the upside.
While shares are still down 26 percent from the IPO price, a positive close would go a long way to help stabilize the stock. Since coming public on May 18th, the stock has only closed green twice.
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