Facebook Recovers With Thursday Upgrades and 2 More Heavily Traded Stocks to Follow
Facebook (NASDAQ:FB): Current price $24.55
Shares were up by around 5.75 percent in late afternoon trading, subsequent to two investment brokerages upgrading their recommendations, contending that worries concerning the attenuating engagement of younger users were overdone. Both Jefferies & Co and BMO Capital moved the stock up to Buy and Outperform, respectively, with their analysts saying that user growth might have plateaued as Facebook gained scale, but still, it remained the most popular social media service, and upcoming products like higher-margin video ads could accelerate revenue growth.
Barrick Gold Corporation (NYSE:ABX): Current price $21.29
On Thursday, gold prices jumped to close at the highest level in two weeks, as investors react to softer-than-anticipated economic data. Gold for August delivery at the COMEX division of the CME soared $20.20 to $1,412. Gold traded as high as $1,417.70 and as low as $1,388.40 an ounce, asthe spot price was adding $21.60, said Kitco’s gold index. The senior analyst at Kitco.com Jim Wyckoff commented in an interview that “the gold bulls are showing some resilience at lower price levels; if we can push prices higher from here you are probably going to see a bullish technical formation. You’re seeing some resilience that’s keeping a floor under the market.”
Citigroup (NYSE:C): Current price $53.27
Citibank has celebrated the opening of its new flagship branch in the Westwood, Los Angeles. The 6,000-square-foot branch sits on the corner of Wilshire and Westwood Boulevards, and marks the first Citibank branch of its kind on the West Coast. United States Consumer and Commercial Banking President Cece Stewart and Citibank Southern California Market President Lisa Deloney were joined at a ribbon-cutting ceremony Thursday by Los Angeles Area Chamber of Commerce President and Chief Executive Gary Toebben, First Star Co-Founder and President Peter Samuelson, community members, and Citibank employees. The new branch is Citibank’s fourth flagship location in the United States; New York City has two, and Washington, D.C. has one.