In recent days, the Global X Social Media Index ETF (NASDAQ:
) has taken a rest from what has been a breathtaking year-to-date
rally of 48 percent, a performance that ranks SOCL near the top
of sector ETFs in 2013.
Shares of SOCL slipped Monday, bringing the ETF to its first
two-day skid in over a month, on the back of a 10.1 percent loss
for Pandora (NYSE:
). Shares of the Internet music provide plummeted after Apple
) said it brought in more than 11 million new users to its iTunes
radio service, cementing the notion that Pandora, which already
faces several competitive threats, could have a significant one
at its hands with Apple. Pandora is SOCL's sixth-largest holding
at a weight of 6.1 percent.
This Year's Hottest Stocks Reside In Small
SOCL looks like it will snap the two-day losing streak today
thanks to some bullish news. Facebook (NASDAQ:
), the stock that
first drove attention to SOCL
jumped to a new all-time earlier today after Citigroup upgraded
Mark Zuckerberg's company to Buy while raising its price target
on the shares to $55 from $52. Facebook is SOCL's largest holding
with a weight of 12.5 percent.
Facebook and SOCL also got some good news after Chinese
policymaker decided to lift bans on Web sites previously deemed
"politically sensitive," inside the Shanghai Free-trade Zone.
Those sites include Facebook, Twitter and newspaper website The
New York Times,
according to the South China Morning Post
Speaking of Twitter, the social media company has reportedly
decided to list its much ballyhooed initial public offering on
the New York Stock Exchange. Regardless of where Twitter lists,
it has already been confirmed SOCL will make room
for the stock
Other top-10 holdings in SOCL include the 'Twitter of
China,' Sina (NASDAQ:
), LinkedIn (NYSE:
), Groupon (NASDAQ:
), Google (NASDAQ:
) and Russia's Google, Yandex (NASDAQ:
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Disclosure: Author does not own any of the securities
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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