Facebook pops on unlocking

Investor's Business Daily

The social network unlocked 777 mil shares Wed. and investors jumped in, pushing share price up more than 9% early. The third and largest block of Facebook (FB) shares to be unlocked since its May IPO represent about a third of all shares. Shares fell on the first two sales, and its stock was trading 56% lower than its 45 offering price prior to this sale. The Wall Street Journal said short sales — where investors borrow shares and sell them anticipating a drop — had fallen prior to the sale. Shares rose 12.6% to 22.36.

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