Facebook Stock Rides a Turnaround

Stocks started the day at an all-time high and only rocketed higher. First the scoreboard: Dow: 15,215, +123.5 pts, +0.8%S&P 500: 1,650, +16.5 pts, +1.0%NASDAQ: 3,462, +23.8 pts, +0.6% And now the top stories:

Legendary investor Howard Marks of Oaktree Capital Management thinks value investors need to pay attention to the macro environment.

Andrew Wilkinson submits: CTrip.com International, Ltd. (CTRP) – Shares of the consolidator of hotel accommodations and airline tickets in China fell as much as 17.65% during the first half of the trading session to touch down at an intraday low of $31.35.

By Bret Jensen:Being a Facebook (FB) shareholder since its IPO in May of last year has involved dealing with more ups and downs than going on some of the rides at Knott's Berry Farm. I was a skeptic of Facebook's valuation prior to the company going public.

Remember when Facebook had a disastrous IPO and its stock fell to $18/share because the company couldn't figure out how to re-accelerate its revenues and it seemed lost in mobile? That seems like so long ago. Today, Facebook stock is up more than 4% – above $27.

Shares of Facebook Inc jumped as much as 11.2% 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

From the very start of market maker implied stock price forecasts for Facebook (FB) on May 29 to the present time three months later (Aug. 28), expectations have held to an unusually tight format. Early on, the market pros protected themselves against a pattern of twice as much upside prospect as likely downside exposure. Then their forecast range was from a low of $26 to a high of $34.63. From an end-of-day price of $28.84, it was an upside of +20% to a downside of -10%.