Pinterest spikes more than 25% above IPO as investors embrace new unicorn

Pinterest, the digital scrapbooking site, surged in its debut as a publicly traded company on the New York Stock Exchange, finishing the day more than 25% higher than its original price as investors momentarily rallied around technology’s latest unicorn. The stock hit as high as $24.99 on Thursday, after pricing its initial public offering at $19 late Wednesday, and ended the trading session at $24.40. The company (PINS) is just one of a stampede of unicorns — private companies that have raised at least $1 billion — set to IPO this year.