The demise of momentum stocks, or Facebook Inc. (Nasdaq: FB) stock at least, appears to be greatly exaggerated.
Shares of Facebook, a notable momentum stock over the last 12 months, spiked $4.22, or 7.3%, to $62.41 Wednesday. The move marked the stock's best one-day gain since Jan. 30.
Over the last three months, shares of the social networking leader are up 9%. Year to date, they have logged gains of 14.2%. FB shares were up more than 25% earlier this year, but slipped along with other high-growth stocks over the last few weeks amid a notable shift from growth to value.