Facebook will join the Nasdaq 100 index next week after the exchange operator shortened its waiting period for inclusion in the gauge, potentially making the stock more attractive to fund managers.
The operator of the social network with more than 100 crore users will replace Infosys before the start of trading on December 12, 2012 Nasdaq OMX Group said, nearly 7 months after the company’s $ 1600 crore IPO.
The waiting period for entry into the index was a negotiating point with Facebook as it considered listing on Nasdaq or / the New York Stock Exchange, a person with knowledge of the matter said in April, 2012
The addition to the index may attract buyers to Facebook amid a 55% rebound from its low
3 months ago, as funds that track the Nasdaqv 100 buy the shares. The stock had plunged as much as 53% after selling for $ 38 a share in May, 2012.
The shares recovered after Facebook s third quarter sales rose 32% to $ 126 crore, topping analysts estimates, amid a push to boost revenue from advertising on mobile devices.
ETFs (Exchange-traded funds) and other products linked to the Nasdaq 100 managed about $ 4,940 croer at the end of last year.
No comments:
Post a Comment