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posted: 1/9/2013 1:59 PM

Facebook to hold press event, stock passes $30

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  • Facebook Inc., owner of the largest social-networking service, rose as much as 5.2 percent Wednesday amid optimism that the company will benefit from new advertising efforts to drive revenue. Seen above is founder and CEO Mark Zuckerberg.

      Facebook Inc., owner of the largest social-networking service, rose as much as 5.2 percent Wednesday amid optimism that the company will benefit from new advertising efforts to drive revenue. Seen above is founder and CEO Mark Zuckerberg.
    ASSOCIATED PRESS

 
Associated Press

NEW YORK -- 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 Facebook phone, something the company has consistently denied exists, to new search capabilities that would put it into direct competition with Google Inc.

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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 initial public offering 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.

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