Instant Articles Ignites Instant Rally In Facebook

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

'' Facebook FB shares are trading higher by $2.30 at $80.74 in Thursday's session. There are two catalysts for the explosive move. First of all, JP Morgan has made positive comments on the issue citing the issue as one of their top picks. In addition, the potential upside from "instant articles" is adding to the buying frenzy. The issue, which battered even though it posted a Q1 beat has from is earnings day high ($85.59) to $77.65 in Wednesday's session, before rebounding to close at $78.44. After a higher open ($78.94 vs. Wednesday's close of $78.44, it retreated to $78.67 before resuming its rally. So far, it has reached $80.91, which is just shy of its April 30 high ($80.96). Today's rally is taking place on monster volume as it has already traded 23.6M shares compared with 20 day average of 27.1M with over four hours left in the trading session.