Gravity sometimes still works in the stock market. What goes up often comes back down. 24/7 Wall St. tracked five of last week’s big movers and upside stocks that are seeing serious give-backs so far in Monday morning trading. Most of the drops are not even on major news.
Source: courtesy of Groupon Inc.
Gogo Inc. (NASDAQ: GOGO) was down 6.7% at $17.31 in active trading in its first hour. What really stands out here is that the high this morning was $19.10, and the all-time high recently hit was $19.18. Keep in mind that the provider of online connectivity and entertainment for airplanes was trading under $15 at the start of last week and was under $12 at the beginning of September.
Groupon Inc. (NASDAQ: GRPN) rose handily after a key analyst upgrade last week, from Stifel Nicolaus to Buy from Hold. Now shares have given back half of those gains, with Monday morning trading down 4.6% at $12.06 on about 14 million shares after only just over an hour of trading. ITG Research supposedly had negative risk comments, but we have not seen the details of the note.
Pandora Media Inc. (NYSE: P) finally is getting the sell-off that it deserved after a very large secondary offering that brought on a short-covering rally. Its shares were down 8% in mid-morning trading on Monday to $24.80. Average volume already was closing in on twice normal with more than 13.1 million shares trading hands after just over one hour of trading.
Rocket Fuel Inc. (NASDAQ: FUEL) just came public on Friday, nearly doubling. Shares priced at $29, opened at $59.95, hit a high of $62.50 and closed at $56.10. Now the intelligent advertising solutions provider is down 4.6% at $53.50, under the intra-day low of $54.51 on Friday. Watch this one closely because two-day-old IPOs falling are generally from organic selling pressure, because there are few if any shares that can be borrowed for short selling.
Yelp Inc. (NYSE: YELP) spent last week rallying from under $63 to just over $70, but Monday is looking like a big give-back. Shares were down 6% at $65.90 after just over one hour of trading on Monday morning. It appears as though some action is being taken against fraudulent positive reviews against websites, something that has long been a widely known problem.
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