Nov. 07--Twitter hit Wall Street at $26 per share Thursday morning, tweeting, "#Ring!" shortly after the markets opened.
Shortly before 11 a.m. EST, investors had bid the price up sharply to around $47 a share, almost doubling the company's market value in less than 90 minutes.
Trading under the symbol TWTR, Twitter is holding an initial public offering on the New York Stock Exchange to avoid the same glitches that troubled Facebook on the Nasdaq last year. Twitter's stock was up even as the Dow Jones index was down slightly in morning trading.
Twitter is hoping to raise more than $1 billion from its IPO. It is selling 70 million shares.
Twitter originally set a target price of $17 to $20 for the IPO before raising it to $23 to $25 last week. The social network set the final price at $26 on Wednesday night.
Twitter has never made a profit, but experts believe the 7-year-old microblogging site is in a better position than other social networks on the mobile front to attract smartphone and tablet users, leading some to believe it has a bright future.
Others are skeptical that Twitter will go the way of Facebook, which went public at $38 a share in May 2012 but fell to about half that price over the next few months before slowly recovering over the past year.
Even as Twitter's stock shot up, the Global X Social Media Index ETF, a fund that includes many social networks such as Facebook, was trading down by more than 1.5 percent at $19.21 early Thursday morning.
(c)2013 The Washington Times (Washington, DC)
Visit The Washington Times (Washington, DC) at www.washingtontimes.com
Distributed by MCT Information Services
Original headline: Twitter soars in trading debut, nearly doubles $26 IPO price
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- U.S. to Relinquish Gov't Control Over Internet
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Will Missing Malaysian Jet Prompt Aviation System Change?