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Shares of Facebook Inc jumped as much as 11.2 percent on Wednesday, even as the biggest block of shares held by insiders became eligible for sale for the first time since the social media company's disappointing debut in May.
Facebook shares were up 8.5 percent at $21.54 in heavy morning trade on the Nasdaq, off an earlier high at $22.09.
"While the lockup is expiring, there is nothing requiring anybody to sell," said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York. "Given the low price, these long-term holders are deciding to hold the stock, and that is lifting it here as the fear of the expiration subsides."Facebook Shares Jump As Share Lockup Expires [ca.reuters.com]