NEW YORK (TheStreet) -- Facebook (FB) rose Wednesday after ITG Research's recent checks indicated that the social media giant's second-quarter revenue is tracking approximately $100 million greater than the consensus estimate of $2.8 billion.
Facebook also announced its mobile app can now detect television shows or music playing in the vicinity of a user's phone, similar to Shazam. When a user writes a post, the app will offer to include information about shows or music playing in the background. As more users share more information about themselves, advertisers can target those users more directly.
The stock was up 1.47% to $59.42 at 2:22 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."