“If Twitter’s bankers and executives were hoping for a surge on the day of the stock’s public debut, they got it,” Barbara Ortutay reports for The Associate Press. “The stock opened at $45.10 a share on its first day of trading, 73 percent above its initial offering price.”
“In what’s expected to be a volatile day, the stock is now trading on the New York Stock Exchange under the symbol ‘TWTR,'” Ortutay reports. “It’s the most highly anticipated initial public stock offering since Facebook debuted last year.”
“The opening price values Twitter at $31 billion, which puts it in in range of KFC and Pizza Hut owner Yum Brands, tractor and tool maker Deere & Co. and slightly below State Street Corp., a financial services holding company,” Ortutay reports. “Research firm Outsell Inc. puts Twitter’s fundamental value at about half of the IPO price, says analyst Ken Doctor. That figure is based on factors such as revenue and revenue growth. ‘That’s not unusual,’ Doctor says. ‘Especially for tech companies. You are betting on a big future.'”
Read more in the full article here.
Pew Research: 8% of Americans now get their news via Twitter – November 4, 2013
Twitter files for IPO – September 12, 2013
Twitter heat map shows iPhone use by the affluent, Android by the poor – June 20, 2013