NEW YORK (Minyanville) -- The latest quarterly earnings season continues to be the dominant influence on Wall Street, but a few other events have imposed and impacted trading in media and communications stocks. In particular, the Facebook IPO filing has taken center stage. Facebook will not begin trading for a couple of months, but an active market for the shares in private transactions strongly suggests that when it does come public, it will be valued at near $100 billion.Growing more than 50% annually with $3.5 billion in revenues and over $1 billion in operating profit, $100 billion is extremely generous but probably about right given historic valuations of major Internet IPOs. I have received a lot of questions from friends and clients about buying Facebook, but with the stock likely to rise sharply from its IPO price, taking the valuation well north of $100 billion, it is hard to make a recommendation.
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