NEW YORK, NY / ACCESSWIRE / July 18, 2018 / Facebook and PEDEVCO were two stocks seeing big gains in Tuesday’s session. Facebook hit an all-time new high after defending its filtering practices to Congress and after Jefferies raised its price target on the stock earlier in the week. Shares of PEDEVCO saw gains over 30% despite a catalyst, but the company did appoint a new CEO last week.
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Facebook, Inc. shares closed up a modest 1.33% yesterday on around 14.2 million shares traded. The social networking giant saw a new all-time high in Tuesday's session, hitting $210.45. It was yesterday that Facebook, as well as Twitter and Google, defended filtering practices to a U.S. House panel. Some conservative Republicans in Congress have given social media companies backlash for removing some content and claiming that its politically motivated. Facebook has rejected these claims. Democrat Representative David Cicilline, remarked, "There is no evidence that the algorithms of social networks or search results are biased against conservatives. It is a made-up narrative pushed by the conservative propaganda machine to convince voters of a conspiracy that does not exist." Facebook's head of global policy management, Monika Bickert, stated, "We just want to make sure that we are doing our job right." In other news, it was on Monday that Jefferies analysts reiterated a "buy" rating on the stock and raised their 12-month price target from $215 to $240. "We see continued strength from advertisers seeking the best ROI online and FB continuing to deliver best-in-class capabilities for advertisers," wrote Jefferies' analyst Brent Thill. There was also news that an investigative journalist who went undercover as a Facebook moderator to a third-party moderator firm. The undercover journalist detailed his findings in a new documentary titled Inside Facebook: Secrets of the Social Network, that just aired on the UK's Channel 4. The investigation outlines questionable practices on behalf of CPL Resources, a third-party content moderator firm based in Dublin, Ireland that Facebook has worked with since 2010.
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PEDEVCO Corp. shares were exploding in Tuesday trading, closing the day up 30.53% with additional gains seen in after-hours trading as well. The stock traded roughly 23.2 million shares yesterday compared to an average trading volume of just under 1.2 million shares. While there was no news to explain the big jump it was last week that PEDEVCO reported that it has appointed Dr. Simon Kukes as its new Chief Executive Officer and member of the Company's Board of Directors. The company also said that it has added two additional Board members. The changes were effective last Thursday. Mr. Kukes, who has agreed to a $1 annual salary, stated, "I assumed the CEO position because I know how to build companies, have successfully done it multiple times before, and I believe that I will achieve similar success with PEDEVCO through organic growth and the aggressive acquisition of accretive assets. Under my leadership, I plan to focus the Company on long-term growth, with my commitment to the future success of the Company evidenced by my election to take only $1 in salary, bear all my own business expenses, and help directly fund the Company."
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