Why Facebook (FB) Stock Is Up Today

NEW YORK (TheStreet) -- Facebook  (FB) rose Wednesday after an anonymous source told TechCrunch the social media giant is developing an at-work version of the site.

"We are making work more fun and efficient by building an at-work version of Facebook," the source told the site. "We will touch code throughout the stack and on all platforms (web, iOS, Android, etc.)." The source also referred to the project as "FB@Work" and said it is based in London.

Facebook also rolled out its new Slingshot messaging app worldwide on Wednesday. The company designed the app to take on Snapchat, which has become a significant threat to Facebook.

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Slingshot requires a user who receives a message from a friend to send a response to that friend before he or she can view the content of the message.

The stock was up 1.89% to $66.96 at 11:25 a.m.

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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