Facebook trades in narrow range just above $38 - WAOW - Newsline 9, Wausau News, Weather, Sports

Facebook trades in narrow range just above $38

NEW YORK (AP) -

Investors may not think Facebook is worth much more than the $38 price at which the company's shares went on sale today for the first time.

After rising more than ten percent to $42.05, the stock then slipped back below $40, even moving down to the $38 starting point again.

Facebook and its early investors raised $16 billion in the initial public offering, which valued the company at $104 billion. That makes Facebook the most valuable U.S. company ever to go public. Now, the stock market will assign a dollar value to Facebook that will rise and fall with investor whims.

Facebook is one of the few profitable Internet companies to go public recently. It had net income of $205 million in the first three months of the year.

The day began with the company's 28-year-old CEO, Mark Zuckerberg, ringing the Nasdaq opening bell from Facebook's headquarters in Menlo Park, Calif. He wore his signature hoodie and was surrounded by cheering Facebook employees.

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