Investing
Major Selling in Social Media Stocks: Reminders of How Fast High-Flyers Can Fall
Published:
Last Updated:
Social media stocks have been on fire, at least up until Tuesday. The sector should be at least somewhat immune to the market’s risk tied to a government shutdown and somewhat to a debt ceiling impasse. The problem is that these insulation hopes may have some holes in them. We have been looking for news and driving forces, and it may simply be a mass exodus picking up steam.
The key ETF for social media is the Global X Social Media Index ETF (NYSEMKT: SOCL), and its shares are down more than 3% at $19.23. The daily high was $20.08, and the 52-week range is $11.81 to $20.50. We have seen very little actual news to account for the moves, but this should act as a reminder to investors who chase any hot growth sector about how fast the reversals can come and how harsh the losses can be in a short time. Here is how poorly the social media players are doing:
Facebook Inc. (NASDAQ: FB) is down more than 4% at $48.31, with a day high of $50.60 and a 52-week range of $18.80 to $51.60.
LinkedIn Corp. (NYSE: LNKD) is down 7% at $220.50, with a day high of $237.36 and a 52-week range of $94.75 to $247.56.
Yelp Inc. (NYSE: YELP) is down more than 8% at $63.82, with a day high of $70.93 and a 52-week range of $16.32 to $73.45.
SINA Corp. (NASDAQ: SINA), in China, is down more than 5.5% at $83.21, with a day high of $89.56 and a 52-week range of $41.14 to $90.75.
GSV Capital Corp. (NASDAQ: GSVC), the business development company that owns a Twitter stake, is down more than 3% at $15.07, with a day high of $15.75 and a 52-week range of $6.84 to $15.85.
Angie’s List Inc. (NASDAQ: ANGI) is down more than 4% at $15.36, and its daily high is $16.14, against a 52-week range of $8.95 to $28.32.
Groupon Inc. (NASDAQ: GRPN) is down 4.7% at $10.51, with a daily high of $11.16 and a 52-week range of $2.60 to $12.76. Is Groupon REALLY social media?
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
