Bloomberg: Twitter shares surged by more than 93% at one stage during their first session on the NYSE

Bloomberg: Twitter shares surged by more than 93% at one stage during their first session on the NYSE. The shares rose as high as $50.09 and were trading at $45.49 at 12 p.m. The company sold 70 million shares at $26 in its initial public offering yesterday, raising $1.82 billion. At its opening price of $45.10, Twitter is valued at $24.6 billion, or 22 times estimated 2014 sales of $1.14 billion, according to analyst projections compiled by Bloomberg. That compares with 11.6 times that Facebook was trading at yesterday and LinkedIn Corp. (LNKD)'s 12.2 times sales. Jeffrey Sica, president and CIO of Sica Wealth Management said I anticipated a very strong open, but when you start to approach these levels this is absolute froth, he said. There is nothing supporting this range. I think this is just way, way above what realistically we should be considering a stable open. (VIEW LINK)