Facebook shares touch above IPO price in premarket

Associated Press

NEW YORK (AP) — Facebook's stock has passed its IPO price of $38 before the market open.

If the gains hold in the regular session, it would mark the first time the stock has risen above that mark since its rocky initial public offering in May 2012.

Before Wednesday's opening bell, the shares rose as high as $38.19. On Tuesday, the shares closed up 6 percent after coming within pennies of the IPO price.

The world's biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are upbeat about its fast-growing mobile advertising revenue.

The Menlo Park, Calif.-based Facebook Inc. now derives 41 percent of its ad revenue from mobile advertising.

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