Facebook On A Four Day Tear

Facebook

shares are trading higher by $1.40 at $84.15 in Friday's session. The issue is in the midst of a four day stampede that have taken the issue from Monday's close ($78.07) to over $84.00 in today's session, trading as high as $84.60. The catalyst throughout the week has been the possible approval of Facebook in China. Axiom analyst Victor Anthony was the one to chime in that Facebook's entry into China is a matter of when, not if. He identified the potential of 640M users and if Facebook can convert 30 percent, it could easily add roughly $3.00 per share of value. Massive buying of the open, pushed the issue beyond its former all time high ($83.00) off the open and after a brief pullback to $83.07, it began to march higher. It should be noted the rallies that took place on Wednesday, Thursday and today has been higher than average volume.