Submitted by Fox First at Ten on September 14th
By The Associated Press
LinkedIn Corp.'s stock set a new high Friday, fueled by the growing popularity and high expectations for the online professional network.
THE SPARK: LinkedIn's shares have climbed steadily this year, roughly doubling in price, as other social media companies have struggled.
The Mountain View, Calif. company has been helped by the growing popularity of its site, where users post their resumes and companies hunt for new hires.
LinkedIn's shares have long moved in the opposite direction of other social media companies because it gets the bulk of its revenue from fees, rather than advertising. Although the company does sell some advertising, it only accounts for about a third of its revenue.
THE BIG PICTURE: Jefferies issued a report last week that forecast the company's stock price will rise to $142 within the next year. LinkedIn went public in May 2011 in an initial public offering priced at $45 a share.
The Jefferies analysts based their forecast on the growing use of the company's site, which adds about two new profiles each second.
SHARE ACTION: Shares of LinkedIn jumped $3.76, nearly 3 percent, to close at $123.23 after hitting a peak of $125.50 earlier in the day. Its stock price is up more than 40 percent so far in 2011.
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