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Post by bot on Jul 30, 2013 14:34:06 GMT -5
Facebook shares jump; closing in on IPO price
SAN FRANCISCO (MarketWatch) -- Shares of Facebook Inc. jumped more than 5% to $37.41 by midday Tuesday -- putting the stock the closest to its $38 IPO price since its debut on May 18 of last year. The stock has been on a strong run since the company reported strong results for the second quarter last week, with the shares up about 40% since the report. Tuesday's move followed the company's announcement of a new publishing arm for mobile games. In a blog post, the company said "we will work with select game developers and provide promotional support for their games in placements across our mobile apps," adding that it is already working with 10 developers through the program. Zynga , which is also building its own publishing platform, saw its shares slip by 1.2% to $2.98 by midday.
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