LinkedIn BREAKS GROUND in Dubai and 4 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB): TIt has released Facebook 5.0 for iOS, promising to be twice as fast as the former version. Facebook states that it will be faster to launch, faster to scroll through the newsfeed and open photos. “We’ve rebuilt the app from the ground up, so now the app opens much faster and your news feed and notifications load right when you open Facebook,” Facebook Product Manager, Mick Johnson, stated in a blog on Facebook today. Johnson informed ABC News that it took the team nearly nine months to rewrite the entire code to reform it to feel less like a native iOS app. The shares traded down $0.28 (1.44%) recently at $19.13.
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LinkedIn Corporation (NYSE:LNKD), the social network for professionals, intends to raise its Middle East connections by opening an office in Dubai, only months following Facebook’s high-profile entry into the market. The business-networking site is currently recruiting staff for its new base, which will probably be in Dubai Internet City. The shares traded down $0.47 (0.45%) recently at $104.64.
Groupon, Inc. (NASDAQ:GRPN): Some early supporters of Groupon Inc., GRPN has fallen 0.47 percent including Silicon Valley veteran Marc Andreessen, have begun to search for the exits, joining investors who have lost faith in companies that were expected to push a new Internet boom. A minimum of four Groupon investors who held stock in the daily-deals company prior to its becoming public have sold or significantly pared back their holdings in recent months. Since its initial public offering in November, Groupon has lost over three-quarters of its stock-market value, or nearly $10 billion. The shares traded up $0.02 (0.45%) recently at $4.46.
Zynga, Inc. (NASDAQ:ZNGA): According to Bloomberg, CityVille GM Alan Patmore left the doghouse so it could join “hardcore” social game maker Kixeye. The outlet’s anonymous sources state that Zynga mobile division VP Ya- Bing Chu and Jeremy Strauser, another GM, also left this month. The company’s public stock has dropped 68 percent since last December’s public offering. The shares traded down $0.09 (2.75%) recently at $3.185.
Yelp, Inc. (NYSE:YELP), the company connecting consumers with great local businesses, announced today that management is to present at the 2012 Citi Technology Conference in New York on Wednesday, September 5, 2012 at 9:45 a.m. ET. The shares traded down $0.28 (1.44%) recently at $19.20.
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