Sector Update: Social Media Stocks Not Liked Today As Sector Regroups Near End of Dramatic Year


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The Global X Social Media Index ( SOCL ) is off 2% today at near $18.80 and off almost 10% in the last month as social media stocks regroup after an impressive year-to-date advance of 45%.

Multiple reports today cite technical valuations as weighing on various social media stocks. For example, suggests the "tech-heavy NASDAQ Composite broke through a key level for the first time this decade" which may be adding to selling in these momentum stocks.

Putting the most pressure on the SOCL index are shares of Yelp ( YELP ), down near 8% and Twitter ( TWTR ), down 4.5% and hitting 52 week lows as Wells Fargo initiates coverage with an underwhelming rating of Market Perform. Also weak today are Trulia ( TRLA ) down 4% and Facebook ( FB ) down more than 3%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities
More Headlines for: FB , SOCL , TRLA , YELP

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