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


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 The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: FB , SOCL , TRLA , YELP

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