Facebook Shares Rally and 3 Social Media Stocks See Action
Facebook, Inc. (NASDAQ:FB): Jim Cramer said the worst may be over for investors in Facebook, Inc. and better things may be on the way. That was his statement after the lockup expiration of nearly 770 million shares of stock not only did not hit bottom, but the stock actually caused it to make a comeback, it is now up 12%, in what was otherwise a horrendous market. Given this tough market, Cramer said he would only be a buyer of Facebook on weakness.
Groupon, Inc. (NASDAQ:GRPN) said that they have promoted Kal Raman to Chief Operating Officer, giving him more power as the world’s biggest daily deal company tries to turn around their struggling international businesses. Raman joined the company in April and was previously Senior Vice President of Global Sales and Operations. As COO, he will continue to report to Chief Executive Andrew Mason and manage the company’s global sales and operations.
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Pandora Media, Inc. (NYSE:P): According to a statement yesterday from musicFIRST, a musician group, 125 artists, including 40 GRAMMY winners, are “opposing new cuts to artists’ pay” that would come from the “Internet Radio Fairness Act.” Common, Dead Kennedys, Missy Elliot, Vince Gill, Don Henley, Billy Joel, Maroon 5, Martha Reeves, David Sanborn, Michael W. Smith, and Roger Waters are among the artists named in an open letter posted on the group’s site that will also be published this weekend in Billboard Magazine. Internet radio companies like Pandora are pushing Congress to pass the “Internet Radio Fairness Act,” H.R. 6480/S. 3609, which could slash royalties paid to musicians and artists when their songs are played over Internet radio,by 85% .
Zynga, Inc. (NASDAQ:ZNGA): According to Inside Social Games, Zynga, Inc.’s lawsuit against their previous Zynga Studio General Manager got more complex as his new employer, Kixeye, filed a cross-complaint against Zynga.
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