Since its high-profile IPO on May 19, shares of LinkedIn (NYSE:LNKD) have had a steady fall — they have gone from $122.70 to a low of $60.14.
But on Tuesday, the bulls rushed into the stock, as the price surged by 12% to $85.56. While the overall rally in the equities markets was a help, the major factor was the expiration of the so-called “quiet period” — the last 40 days after the IPO, after which Wall Street underwriters can initiate research.
As should be no surprise, LinkedIn got glowing coverage. There were buy ratings from firms like UBS, Morgan Stanley, JPMorgan and Bank of America. Read