Originally published on Tue May 15, 2012 9:51 am
STEVE INSKEEP, HOST:
NPR business news starts with a price hike for Facebook shares.
(SOUNDBITE OF MUSIC)
INSKEEP: OK, they're not even on sale yet, but investor excitement over Facebook's upcoming initial public offering has prompted the company to raise the price range for its shares. Sources say the new range will be from $34 and $38 per share. That's up from a previous range of $28 to $35.
The price boost could now push Facebook's value to over $100 billion once it goes public. While there is much frenzy surrounding the social network's upcoming IPO, some analysts say the company is overvalued, especially given its first-quarter decline in profits and revenue. Transcript provided by NPR, Copyright National Public Radio.