Facebook Shares Recover Their $38 IPO Price and 2 Other Hot Stocks to Watch
Facebook Inc. (NASDAQ:FB): Current price $37.65
Facebook shares hit a high of $38.31 on Wednesday, 31 cents over the perhaps psychological threshold of $38, the IPO price from May 2012. This is the first time the stock has crossed the line since the IPO, and what’s more, shares are up by over 50 percent since last week. The online social network has been popping since it posted stronger-than-anticipated earnings on July 24, and investors were particularly impressed by its rapidly increasing mobile advertising revenue.
Dell Inc. (NASDAQ:DELL): Current price $12.45
Shareholders still have not voted — yet — but in a huge setback to Michael Dell’s bid, a Dell board committee has turned down a voting rule change that the company founder attached to his increased offer for the PC maker. Last week, the group led by Michael Dell and investment firm Silver Lake Partners upped its offer by a dime, to $13.75 per share, contingent upon a change in the voting rules specifying that the bid’s outcome must be decided only by the shareholders who choose to vote either for or against the plan. The current rules say that shareholders who do not vote count as “no” votes. In a short letter dated Tuesday, a special committee of board members said it would not accept the new proposal, and also said it would set a new date for a vote by shareholders under the existing rule for voting.
Cousins Properties Inc. (NYSE:CUZ): Current price $10.35
The Atlanta-based real estate investment trust will purchase a portfolio of office buildings in Texas at a price of $1.1 billion in order to expand in a rapidly growing commercial property market. The firm will acquire Greenway Plaza, a 4.4 million-square-foot, 10-building office complex in Houston, along with 777 Main Street, a 980,000-square-foot office tower in Fort Worth, according to a Monday statement. To help fund the deal, Cousins intends to sell 60 million shares. The transaction marks a big bet by Cousins on Texas real estate, with a price tag near the firm’s entire market value of $1.28 billion.