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?
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