Facebook options began trading Tuesday on the New York Stock Exchange, and will make its debut on the BATS Options Exchange Wednesday. According to an article from the Dow Jones Newswires roughly 365,000 Facebook options had been traded Tuesday, giving the right to buy or sell 36.5 million shares of the stock. “When you see a lot of people buying puts, that may put downward pressure on the stock because of the hedging that market makers have to do,” said Brian Overby, TradeKing senior options analyst. Facebook after Tuesday trading was worth $79 billion, down from its IPO valuation of $104.1 billion.
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As reported in a recent New York Times article Facebook is hoping to release a smartphone by next year. Last year technology website AllThingsD reported that Facebook and HTC partnered up to create a smartphone. The project (code-named “Buffy”) is currently in progress.