Twitter’s little blue bird soared as high as $50.09 per share at one point in the opening day of trading on the New York Stock Exchange on Thursday, before settling in at a slightly lower $44.90.
The closing price was just about 20 cents lower than its opening earlier in the day ($45.10), but still 73 percent higher than its $26 IPO price. Twitter is now trading under the ticker symbol TWTR.
The company has been actively courting the television industry in recent months, announcing a slew of advertising and content partnerships with various broadcast and cable networks as Twitter attempts to prove that it is THE second screen for viewers instead of rival Facebook.
Read More: Yahoo!, CBS MarketWatch
Brief Take: Even though it hasn’t turned a profit since it was founded, Wall Street’s confidence in Twitter Thursday could prove to broadcasters that the social media platform is a good bet when it comes to promoting their offerings.
Tags: