Twitter Explodes in IPO

Stock flirts with $50 price tag in early trading
By Kevin Spak,  Newser Staff
Posted Nov 7, 2013 10:12 AM CST
Twitter Explodes in IPO
News about Twitter's public stock debut is displayed on a screen in Times Square, New York, Thursday, Nov. 7, 2013.   (AP Photo/Seth Wenig)

If you were worried that Twitter's stock market debut would be like Facebook's, worry no longer. Twitter exploded out of the gate this morning, at times trading as much as 74% higher than its IPO price, the AP reports. As of 11:05am, the stock was just a hair shy of $50, up from an initial offering of $26 per share. Volume appeared to be high, hitting 13 million just before 11am, according to Reuters.

"We knew Twitter shares would be in high demand but perhaps this still goes down as hugely impressive," one strategist tells the Wall Street Journal calling it "further evidence of the hunger to invest in innovative new media types." (More Twitter stories.)

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