With the dust slowly starting to settle on the company's underwhelming IPO last month, shares of the Menlo Park, Calif.-based firm have risen more than 12% in the last five days.
Facebook shares rose 0.76% on Thursday after Nomura initiated coverage of Facebook with a buy rating and a $40 price target. "We believe that Facebook's industry-leading reach, engaged user base, and comprehensive user dataset will enable the company to continue to grow and take share in the display market," explained Nomura analyst Brian Nowak, in a note.
Argus also initiated coverage of Facebook on Thursday, rating shares at hold.The stock was one of the most active issues in the pre-market session with volume reaching 138,499. Electronic Arts (EA), however, was a big loser before market open on Friday after Citi downgraded the video game specialist to neutral from buy. Citi cited weaker-than-anticipated revenue from the Star Wars online multiplayer game and disappointing traction in social/mobile, according to CNBC. Shares of EA slipped 2.08% to $11.75 on Friday. Zynga (ZNGA) was a big winner in pre-market trading, gaining 3.15% to reach $5.90. Shares of the key Facebook partner slipped 2.89% on Thursday. Micron Technology (MU) shares, however, dipped 0.44% to $5.62 before market open. The semiconductor specialist's stock sank 7.76% on Thursday as investors responded to the company's third-quarter results earlier this week. The Boise, Idaho-based firm reported a worse-than-anticipated quarterly loss after market close on Wednesday amid declining margins in its NAND Flash products. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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