partlycloudy
Wednesday July 1st, 2015 12:59PM

Strong Twitter IPO counters skepticism

By The Associated Press
NEW YORK (AP) -- Twitter had a strong public stock debut Thursday in the most highly anticipated initial public offering since Facebook's last year.

The stock closed at $44.90 on its first day of trading, giving Twitter a value of more than $31 billion based on its outstanding stock, options and restricted stock that'll be available after the IPO. It opened at $45.10 and traded as high as $50.09 in the morning. Although the closing price fell 20 cents short of the opening price, it's still 73 percent above the $26 IPO price.

The high price comes despite the fact that Twitter has never turned a profit in seven years of existence. Revenue has been growing, but the company is also investing heavily in more data centers and hiring more employees.

Twitter is trading under the ticker symbol "TWTR."
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 1 year ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 1 year ago )
Kerry seeks framework for Mideast peace talks
A senior State Department official says Secretary of State John Kerry will try this week to get Israel and the Palestinians to agree on a framework for negotiating a final peace agreement, yet cautions against raising expectations for Kerry's latest round of shuttle diplomacy.
1:35PM ( 1 year ago )
U.S. News
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 1 year ago )
Amtrak to suspend some Crescent service in Jan., Feb.
Amtrak service will shut down in parts of the Southeast for several days in January and February for rail maintenance by Norfolk Southern Railway.
9:00AM ( 1 year ago )
Lung cancer scans urged for some smokers, not all
Certain current or former heavy smokers should start getting yearly scans for lung cancer to cut their risk of death from the nation's top cancer killer, government advisers said Monday - even as they stressed that the tests aren't for everyone.
7:26AM ( 1 year ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 1 year ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 1 year ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 1 year ago )
Local/State News
The Latest: US, Cuba to open embassies, restore ties
WASHINGTON (AP) — The United States and Cuba will open embassies in their capital cities after more than 50 years of hostilities between the two countries. The latest developments (all times local):__...
12:21PM ( 38 minutes ago )
Episcopalians to vote on allowing gay marriage in churches
SALT LAKE CITY (AP) — Episcopalians were set to vote Wednesday on allowing religious weddings for gay couples, just days after the U.S. Supreme Court legalized same-sex marriage nationwide.In 2003, th...
11:47AM ( 1 hour ago )
US stocks open higher following gains in European markets
NEW YORK (AP) — U.S. stocks opened higher Wednesday on hopes that a deal between Greece and its creditors could be cobbled together to prevent a Greek exit from the euro. Stocks in Europe rose sharply...
10:20AM ( 2 hours ago )
Survey: US businesses step up hiring in June to 237,000
WASHINGTON (AP) — U.S. businesses added jobs at a robust pace in June, a private survey found, evidence that rising consumer spending and a healthy housing market are supporting more hiring.Payroll pr...
8:59AM ( 4 hours ago )
Christie promises blunt campaign as he enters 2016 contest
LIVINGSTON, N.J. (AP) — A tough-talking New Jersey Gov. Chris Christie launched his 2016 campaign for president Tuesday with a promise to tell voters the truth even if it makes them cringe.The Republi...
8:42PM ( 16 hours ago )