Why Facebook (FB) Stock Is Up Today

NEW YORK (TheStreet) -- Facebook  (FB) rose Wednesday after the company announced that it would add privacy features to Facebook Login that would allow users to sign into third-party apps anonymously.

Currently, Facebook users who sign into an app cannot control what information they share, such as email addresses and friends lists; the app developers and other outside parties determine what information they want to take from users. The new privacy features would allow users to select what information they would like to share or keep private.

Facebook announced the new features, which Facebook said would be implemented by websites and mobile apps within the next year, at its f8 developer's conference on Wednesday. The anonymous login feature would be particularly useful to users who are testing out an app for the first time and might not want to provide it with any data.

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The stock rose 1.51% $59.03 at 2:07 p.m.

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Separately, TheStreet Ratings team rates FACEBOOK INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."

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