Technology - Main

Twitter shares touch new high, sail past $52

11 Dec 2013 - {{hitsCtrl.values.hits}}

Investors piled into Twitter Inc for the second straight day, lifting its shares to more than $52 and setting a new intraday high on Tuesday even in the absence of any significant announcements from the social media debutante.

Shares of Twitter were up 6 percent to $52.20 on Tuesday afternoon after a frenzied trading session on Monday, when Twitter closed up nearly 10 percent, its biggest gain ever.

Since the loss-making San Francisco-based firm held its closely watched initial public offering last month, its fans on Wall Street have strained to reinforce the bull case for a stock priced at increasingly inflated multiples compared to social media peers like Facebook Inc and LinkedIn Corp.

Twitter has released a spate of management news and product updates since its IPO, but some announcements, such as the official roll-out of a lucrative, cookie-based ad targeting technology called "targeted audiences," have been preceded for months by prior announcements.

In a research note on Friday, Evercore analyst Ken Sena said "targeted audiences" has been publicly in the works but raised his price target anyway from $43 to $52 because the deployment of the technology "might not be as costly as we originally modeled."

Twitter which went public on the New York Stock Exchange on November 7, is now trading at roughly double its IPO price of $26 a share with an implied valuation of more than $26 billion on just $168.6 million in revenue in the third quarter.

The San Francisco-based firm touched its previous intraday high of $50.09 on the day of its IPO.

(Reporting by Gerry Shih; Editing by Tim Dobbyn)

(Source : Reuters)

Technology - Main

Twitter shares touch new high, sail past $52

Most Popular Articles

Diplomatic gaffes embarrass Lanka’s friendly nations: Sunday Times

People have complete right to lie: Kottahachchi

Hybrid vehicle import tax based on engine capacity will reduce costs, satisfy all

Sri Lankan jailed for murdering wife with axe in front of their children

Namal responds to allegations of preferential treatment in law exam

IMF agrees to raise income tax threshold: President

LATES'T NEWS

Sri Lanka to move forward with Kfir jet upgrades despite concerns

Govt committed to combating underworld, drug trafficking but not for show

Senesh Bandara resigns as Rupavahini Chairman

Government to regulate private hospitals: Dr. Jayatissa

Christmas crib preparation