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Facebook Profit Seen Removing Bar to S&P 500 Membership
By Inyoung Hwang Updated 11/23/13
Facebook Inc. (FB)’s fourth straight quarter of positive net income settles one of the final conditions for the 29th-biggest U.S. stock to join the benchmark Standard & Poor’s 500 Index 17 months after its trading debut.
The world’s largest social-networking service reported third-quarter profit of $425 million on Oct. 30 as advertisers boosted spending on promotions targeting mobile-device users. Shares in the Menlo Park, California-based company fell after its May 2012 initial public offering, only climbing back above the $38 offer price in July this year.
Enlarge image Facebook Logo
Facebook would join Google Inc., EBay Inc. and Yahoo! Inc. in the Internet software and services sub-sector, which makes up about 2.5 percent of the S&P 500, according to data provided by Howard Silverblatt of S&P Dow Jones Indices. Photographer: Daniel Acker/Bloomberg
Gaining entry to benchmark gauges provides companies with a guaranteed shareholder base from funds that follow the indexes. More than $5.1 trillion tracks the S&P 500, according to the index provider’s website.With a market value of $122 billion, Facebook is the largest U.S. company not in the index,Bloomberg data show. It could be added as early as this month, according to Stephen Casciano of Credit Suisse Group A
see u there.
would be hysterical
should see pop in pre-market.. then will go higher
your an idiot short trading #101 never short a biotech with big catalyst