Shares of Facebook Inc rose more than 3% to a new high Wednesday, valuing the world's number-one social network at $106 billion U.S., as investors focused on its recent mobile advertising advances ahead of a speech by its chief executive.
The stock touched $45 U.S> at 1:50 p.m. ET and briefly hit $45.07 U.S. shortly after 2 p.m. on the NASDAQ - highs not seen since May 18, 2012, the day of Facebook's initial public offering. It closed at $45.04 U.S.
The stock's new intraday high is the latest milestone in its year-long recovery from fears that Facebook would struggle to make money from mobile users at a time when young people go online mostly through their smartphones.
The sentiment changed completely on July 24 when Facebook said its mobile advertising revenue grew 75% in the second quarter, trouncing analyst targets and delivering the company's strongest revenue growth since the third quarter of 2011.
The stock has risen 67% since then.
Facebook has said it expects sales and user growth for its mobile apps to outpace its desktop website.
Facebook options also traded heavily on Wednesday.
A total of 317,000 calls and 131,000 puts in Facebook changed hands on Wednesday, above its recent combined daily average of 355,000 contracts, according to options analytics firm Trade Alert.
The weekly $45 U.S. strike calls expiring this Friday as well as the September $44 U.S. and October $45 U.S. strike calls are among the busiest options.
The top trade on Facebook on Wednesday was a 10,250-lot of September $39 U.S. strike puts, which were bought for seven cents per contract as a new position. The contract, which is out-of-the-money, expires at the end of next week and would be profitable if shares fall below $38.93 U.S., according to experts.
