Facebook Rises on $6 Billion Buyback, Symantec Jumps on LifeLock Deal - Tech Roundup

A multi-billion dollar buyback program, a large deal in the cybersecurity market and speculation of improved demand for a tech titan's upcoming smartphone sales helped drive the shares of social networking behemoth Facebook (FB) , security giant Symantec (SYMC) and iconic computer maker Apple (AAPL) .

Facebook investors applauded the company's decision to initiate a $6 billion buyback program, making use of the $26.2 billion in cash and marketable securities that it is sitting on.

That decision apparently helped offset investors' disappointment over Facebook's stock performance over the past month and its recent comments that it expects to experience slower growth in 2017 and larger spending. According to a Forbes report, those events spurred a "mini-panic" with short-term traders.

Meanwhile, while Facebook worked to show investors love, the company's CEO also tried to dispel concern among its users that its business model relies on re-enforcing users' biases, a claim made by venture capitalist Roger McNamee of Elevation Partners.

Facebook faced heat after a BuzzFeed report that users responded and engaged more with the site over fake news stories about the presidential election than news stories from 19 major news organizations.

Facebook shares jumped 4.1% to close at $121.77 per share.

Facebook and Apple (see item below) are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells FB or APPL? Learn more now.
 

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