Social Media Drag Down, Does Web 1.0 Rule? (GSVC, SVVC, SINA, LNKD, RENN, SOCL, YHOO, AOL, GOOG)
It is no shocker today that the social media shares are heading lower this morning. The Facebook shenanigans with its shares now down over 4% at $36.50 on almost 8 million shares is taking its toll elsewhere as you would…
GSV Capital Corporation (NASDAQ: GSVC) is down 3.4% at $12.70. Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) is down 2.4% at $18.80 on over 17,000 shares.
SINA Corporation (NASDAQ: SINA) got a huge bump ion on its “Chinese version of Twitter” pop last week but after peaking above $59.00 mid-week the stock is indicated down less than 1% under its $53.11 close from Friday. Keep in mind that this one may act differently as its 52-week range is $46.86 to $128.17.
LinkedIn Corporation (NYSE: LNKD), Facebook’s only real competitor based in the U.S., is trading down 2% at $97.01 on 50,000 shares.
Renren Inc. (NYSE: RENN) is down 8.3% at $4.52 on over 300,000 shares.
Global X Social Media Index ETF (NASDAQ: SOCL) will follow these lower if all of these remain where they are.
Yahoo! Inc. (NASDAQ: YHOO) is up 4% at $16.04 on 2 million shares and AOL Inc. (NYSE: AOL) has not traded due to its NYSE listing but is indicated higher along with Yahoo! Google Inc. (NASDAQ: GOOG) is up 0.4% at $602.40.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
