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Friday, November 25, 2011

Sell your internet stock to go shopping Black Friday ??

http://www.forbes.com/sites/ericsavitz/2011/11/25/its-a-black-friday-internet-stock-sell-a-thon/

 Sell your internet stock to go shopping Black Friday ??


It's A Black Friday Internet Stock Sell-A-Thon!

You know where investors are finding the capital to go shopping today?
They’re dumping their Internet stocks.
In a continuation of a recent downtrend in Internet shares, the sector is getting hit pretty hard in light Black Friday trading.
A quick damage report, prepared as the market headed into the final minutes of trading in the holiday-shortened session:
  • Groupon: The sell-off continues. The stock is off 52 cents, or 3.1%, to $16.44. The stock is down 37% for the week to date, and is now well below its IPO price of $20.
  • LinkedIn: The stock has been under pressure in recent sessions from the expiration of its insider lock-up agreement, freeing up many more shares for public sale. LNKD today is off $2.96, or 4.5%, to $63.04. The stock is down 12% for the week, and has lost a third of its value since October 28.
  • Netflix: The stock that never stops going down: the video site’s shares are down $4.94, or 7.2%, to $63.56; Netflix shares have hit a new 52-week low, the stock is off 79% from its 52-week peak.
  • Amazon: Who are you people, the Scrooge family? On Black Friday, of all days, Amazon is down $6.10, or 3.2%, to $182.89. Maybe everyone is spending all their money at the mall this year?
  • Angie’s List: Easy come, easy go. The newly public provider of recommendations for household service providers is down $1.28, or 8.7%, to $13.49. On November 17, the company came public at $13, and closed at $16.26; the stock has since dropped 17%.

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