LinkedIn Formally INTRODUCES Redesign and 4 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB): Autodesk (ADSK +0.8%), a developer of a popular mobile video-sharing app, Sketchbook, is acquiring Socialcam, a mobile app, for $60M. Though Socialcam has seen over 16M downloads, and are in competition with YouTube (NASDAQ:GOOG), Facebook (NASDAQ:FB), and Viddy, their traffic has been in a slump lately. Not so for Autodesk’s SketchBook mobile apps which have gained a following, and were able to purchase the photo editing service, Pixir, in 2011.
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LinkedIn Corporation (NYSE:LNKD): After being beaten to the punch by last weeks news reports, LinkedIn formally introduced their home page redesign. The professional social network’s look will give users an easier way to navigate their homepage and will allow them access to the most relevant information. Their shares traded down $0.22 (0.21%), they were recently at $102.99.
Groupon, Inc. (NASDAQ:GRPN): LivingSocial, the second-largest daily deal company, has launched their first product sales business. A move that creates a new competitor for Groupon Inc.’s goods business. Their shares traded down $0.17 (2.21%), they were recently at $7.50.
Zynga, Inc. (NASDAQ:ZNGA): Zynga, which generates a significant portion of its revenue from Facebook gamers, fell sharply on Tuesday, plunging 6.83% to $4.50. Their shares traded down $0.17 (3.52%), they were recently at $4.66.
Yelp, Inc. (NYSE:YELP): Taste Savant, a direct competitor of Yelp, and a highly curated restaurant discovery site, has announced the launch of their New York City Public Beta site: http://www.tastesavant.com. Taste Savant helps the savvy diner decide where to eat out. The site is unique because it curates and aggregates restaurant reviews from sources that diners trust, such as friends, restaurant critics, bloggers, etc. Yelp’s shares traded up $1.64 (7.65%), they were recently at $23.07.
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