Market Overview

Facebook Jumps 4%, Breaks $30 After Event Tease

Facebook (NASDAQ: FB) is spiking higher today after the company sent out an invitation to a mysterious event last night.

The invite, which is spreading all over the Internet, asks the press to "Come and see what we're building" on Tuesday, January 15 at 10:00 a.m. Pacific Standard Time. The social networking giant has not announced if it will stream the event online.

According to The Wall Street Journal, HTC and other manufacturers have worked closely with Facebook to produce new phones. These will not be the Facebook-branded devices that were rumored to be in development last year. However, they could contain special features that take advantage of the social network.

This is not the first time that Facebook has teased a major announcement with invitations to an upcoming event. The company routinely over promotes its media presentations. This is a practice that Facebook began in 2011 -- long before the firm's initial public offering.

Up until today, many investors feared that Facebook would be unable to climb back to the top. The stock declined severely after its May 2012 IPO, plummeting more than 50 percent in the first three months.

Facebook ended the year on a high note, rising more than 47 percent from August 31 to December 31. The stock rose another four percent this morning. Even with those gains, however, Facebook's value is still roughly 24 percent lower than it was when it debuted on May 18, 2012.

Follow me @LouisBedigianBZ

Posted-In: FacebookNews Intraday Update Movers Tech Best of Benzinga

 

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