Reuters reports that shares of Facebook Inc jumped nearly 13
percent on Wednesday, as investors breathed a sigh of relief that expiring
trading restrictions on a huge block of shares failed to trigger an immediate
wave of insider selling.
"While the lockup is expiring, there is nothing
requiring anybody to sell," said Tim Ghriskey, chief investment officer at
Solaris Group in Bedford Hills, New York. "Given the low price, these
long-term holders are deciding to hold the stock, and that is lifting it here
as the fear of the expiration subsides."
Roughly 800 million Facebook shares were eligible for sale
on Wednesday after restrictions on insider selling were lifted on the biggest
block since Facebook's May initial public offering. The lockup expiration greatly expands the
921-million-share "float" available for trading on the market until
now....
Wait,wait..there’s more at http://www.reuters.com/article/2012/11/14/us-facebook-lockup-idUSBRE8AD0Z120121114
No comments:
Post a Comment