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Facebook hits a new high. Will more friends follow? Add to ...

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Facebook Inc. shares hit a record high on Wednesday, eclipsing the brief rally that followed their debut in 2012 and marking a big recovery from the bad news – and dismal share price performance – that followed.

After slipping below $18 (U.S.) about a year ago, or more than 50 per cent below the initial public offering price of $38, the social networking company looked like a dying fad from an investment perspective. Even as recently as June, when the shares meandered below $25, it looked suspect.

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