Facebook Skyrockets After Citigroup Update and 2 Other Hot Stocks to Watch
Facebook Inc. (NASDAQ:FB): Current price $49.38
Facebook shares are getting very close to $50 in heavy late-morning trading following Citigroup’s upgrade from Neutral to Buy earlier on Tuesday. Analyst Mark May wrote in an investor note that the catalysts that enabled Facebook to post strong second-quarter results should continue. Subsequent to chats with several Facebook advertisers, May reported that a number of them are hiking their spending on the social network by some 15 percent this quarter, and that ad prices continue to rise and desktop ads remain effective.