On Tuesday, Interpublic Group of Companies, Inc. (NYSE:IPG) decaled that the investment it made in the social network in 2006 is no longer strategic in nature. It sold its residual investment in Facebook Inc. (NASDAQ:FB) for net cash proceeds of $95M,.
CEO of Interpublic, Michael I. Roth articulated that the firm’s investment had increased significantly over the past six years.
The firm, which anticipates recording a pretax gain of $94M from the sale, also reported that its board has approved a $100 million surge in its share repurchase plan to $400 million.
As of Sept. 30, $151M had been utilized under the repurchase authorization. The share buyback program has no expiration date.
Shares of Facebook Inc(NASDAQ:FB) opened at $22.73 with 2.17 billion outstanding shares and touch its highest price of $23.90 of the day and then finished at $23.10 by scoring +0.79%, as in the whole session stocks gain volume of 46.57 million shares which is lower than its average volume.
As the owner ship concerns stock institutional ownership remained 36.83% while insider ownership included 6.89%. The share capital of FB has 2.17 billion outstanding shares amid them 1.09 billion shares have been floated in market.
For investors focus on the performance of the stocks so the FB showed weekly ahead performance of +16.31% which was maintained for the month at +21.71%. Correspondingly the positive performance for the quarter was remained +15.44% and the year to date performance halted at -39.58%.
As the moving toward the returns measures returns on Investment ratio is significant measure which investor should have in consideration, the FB was compare to its rivals has Yahoo inc (NASDAQ:YHOO)’s ROI 22.05%, Groupon Inc (NASDAQ:GRPN)’s ROI -6.58%, Zynga Inc (NASDAQ:ZNGA)’s ROI -40.62%, Baidu.com, Inc. (ADR) (NASDAQ:BIDU)’s ROI +48.37%.
For consideration of being featured on WallstreetPR, contact: Editor@Wallstreetpr.com