By now, we all know that Facebook is getting an incredible
amount of attention today, and quite rightly so, as it goes
public and looks to see if it can even begin to live up to the
unprecedented level of hype that is being aimed squarely at it.
But, while all eyes seem to be in that direction, it looks like
other web-based companies are getting absolutely pummeled.
mentioned earlier on Friday
, Zynga (NASDAQ:
) is down despite the fact that it closely associated with
Facebook. At the time of writing, it is down 5.68% to $7.80. In
fact, at one point on Friday, Zynga shares were halted due to a
trade imbalance. It later resumed and was halted a second
It is hard to determine exactly what is going on, but it seems
entirely feasible that people are taking money out of one web
company to put it into Facebook.
Zynga is far from the only company taking a hit too; Groupon
) is down 5.4% from its previous close of $12.41and is currently
sitting at $11.74. GRPN has had an eventful year so far, but it
seems to be showing signs of "growing up", reporting an
impressive first quarter. The smart money would be on it bouncing
back from this basically ridiculous day's event quickly
Yelp is down 5.78% on its previous close of $21.27, sitting at
$20.04. LinkedIn (NASDAQ:
) was down 2%, while Renren (NASDAQ:
) fell over 10%.
It is worth bearing in mind that today is an oddity; it's the
financial equivalent of an eclipse. The market is behaving
unusually, and it is almost impossible to pinpoint the exact
cause. Things should straighten out by Monday and we will begin
to know what these companies, including Facebook, are actually
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