Facebook to hold press event, stock passes $30

January 9th, 2013 in Technology / Business

Shares of Facebook are pushing above $30 for the first time since July after it sent out invitations to "come and see what we're building" Tuesday at its headquarters in Menlo Park, Calif.

The company will say nothing more about the event. Speculation Wednesday ranged from a phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with .

The company emailed invitations to reporters and bloggers Tuesday and by Wednesday, shares passed the $30 mark for the first time since July.

Though still below its price of $38, shares of Facebook Inc. have risen steadily since November as investors grow more confident that the social media site can make money through its growing mobile audience.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

"Facebook to hold press event, stock passes $30." January 9th, 2013. http://phys.org/news/2013-01-facebook-event-stock.html