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Facebook stock has highest close since May 21
NEW YORK— Facebook closes at one of its highest prices since its initial public offering. The stock rose $1.21, or 3.8 per cent, to finish yesterday at $33.05. It hasn't closed above that price since May 21, the second day of trading. The stock finished the week up 10 per cent, the second straight week of increase.
Facebook is still 14 per cent below its IPO price of $38 a share. Facebook's IPO has had a rocky ride. Its debut was delayed by trading glitches on the Nasdaq. Investors have been concerned about its ability to increase revenue and make money from its growing mobile audience, though many analysts hold positive long-term opinions. Facebook, along with investment banks that led the IPO, is the subject of dozens of shareholder lawsuits.
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