Powered by The Atlanta Journal-Constitution

Web Search by YAHOO!
 
The Biz Beat

Posted: 11:12 a.m. Thursday, Sept. 26, 2013

Facebook investors smiling for good reason 

  • comment(9)

Related

Facebook's stock photo
On Wall Street, Facebook's stock is benefiting from “buy” recommendations from analysts, who now think shares an trade at least as high as $60. The stock closed Thursday at $50.39.

By Christopher Seward

Months ago, Facebook's newly issued stock took it on the chin after many analysts thought the company's financial outlook was murkier than founder Mark Zuckerberg was touting. What a difference a year makes, with the stock now up 85 percent this year.

The company’s stock set a record Thursday in trading on Wall Street, topping $50 for the first time, closing att $50.39, up nealry 2 percent.

Facebook was benefiting from “buy” recommendations from some of the same analysts who doubted the stock's worth earlier. The stock was priced at $38 when it went public in May 2012, and the negative comments then trimmed a third of its value in the first few months since the initial public offering.

Facebook’s fortunes began to turn the corner in earnest when it reported its mobile ads accounted for 41 percent of revenue in the second quarter, which is more than 30 percent higher than mobile ads' contributions in the same period a year earlier. According to a Bloomberg report, citing eMarketer estimates, Google dominates the $118 billion digital ad market with a projected 33 percent share,  followed by Facebook with just over 5 percent.

Analysts and investors have responded, and now the stock is now 32 percent above its IPO price.

Krispy Kreme hiring 70 for new DeKalb location

If you can resist taking a bite out of the product, these jobs may be for you. Krispy Kreme, which is opening a new Doughnut Factory in Doraville in late October, is looking to hire 70 full- and part-time workers. The company said production specialists and shift supervisors are among the positions. The new 2,300-square-foot  DeKalb County location, which will have a 24-hour drive-thru, will be at 5258 Buford Highway NE. The new location joins 785 others in 22 countries, the Winston-Salem, N.C.-based company said.

More metro Atlantans are landing a job

Speaking of jobs, metro Atlanta’s unemployment rate dropped to 8 percent in August, from 8.6 percent in July, and the downward trend appears to suggest we’re finally catching up with the rest of the nation when it comes to more hiring and fewer layoffs, according to AJC reporter Henry Unger. The nation’s unemployment rate has been under 8 percent for some time, while metro Atlanta’s and Georgia’s rates have languished above that level. Much of last month’s increase reflected the thousands of workers returning to schools as fall classes resumed, according to the state Labor Department. North Georgia is also benefiting from constant a drum roll of new or expanding plants expected on the horizon, and there is more construction, which also has a domino effect in job creation.

Business travelers splurging a little more

With businesses' feeling a little more confident with the strengthening economy it appears more of them are willing to splurge a little during executive trips, according to a survey of travel agents. The study by Travel Leaders Group found a 3.5 percent increase in the number of business travelers who are reserving upscale hotel rooms and a 4.6 percent rise in the number of agents who say business travelers are flying more first-class and business-class flights, usually the most expensive offered by Delta Air Lines and Southwest Airlines, the dominant carriers serving Hartsfield-Jackson International Airport . The report from The Los Angeles Times said 946 travel agents were surveyed.

Airport looking for proposals to open 1st barbershop

Speaking of airports, Hartsfield-Jackson wants to know if you’re interested in opening its first barbershop, according to a report by the AJC’s Kelly Yamanouchi. The airport didn’t attract much attention when it held a pre-proposal conference earlier this year for the 1,349-square-foot shop. It hopes to have better luck Oct. 3. Proposals are due Nov. 7. How would you use the airport space?

LexisNexis, FBI investigation data breach

It could take months for identity theft victims to realize they have been affected by a data breach, according to the Privacy Rights Clearinghouse, which seeks to protect consumers from such thefts. LexisNexis, a major aggregator of personal data used in background checks and for other purposes, said forensic experts and the FBI are investigation an "intrusion" targeting its data and first reported by KrebsOnSecurity, a blog by former Washington Post reporter Brian Krebs. A LexisNexis spokesman said that to date there is  "no evidence that customer or consumer data were reached or retrieved." According to Javelin Strategy & Research, more than 12.6 million adults were victims of identity theft in the U.S. last year, and identity theft is the No. 1 complaint filed with the Federal Trade Commission. See more of this premium story on MyAJC.com.

My YahooRSS

About Christopher Seward

Christopher Seward is a South Carolina native and Atlanta journalist who has worked at the AJC since 1989.

Connect with Christopher Seward on:Twitter

Send Christopher Seward an email.

  • comment(9)

 

Today on MyAJC.com

Botanical Garden’s ‘scarecrows’ are stuffed with silliness

Botanical Garden’s ‘scarecrows’ are stuffed with silliness

Native Americans are said to have created the first scarecrows on these shores to protect their corn crops from the scavenging black birds.

Paul Howard

DA’s spending of federal forfeiture money in question

Finances of the Fulton County District Attorney’s Office were in such chaos in recent years that even its most basic bills went unpaid.

Comments  (8)  

myajc logo 300x225

New 24-hour Digital Pass: Sample all of MyAJC.com for 99 cents

With a 24-hour digital pass, you can enjoy full versions of premium articles, news updates and access to the AJC online archives.