Pandora Awarded Legal Victory and 4 Social Media Stocks Seeing Action
Facebook (NASDAQ:FB) is looking hungrily at Russia and is courting local geeks there to build applications for their home market. The aim is to win over users and rival local firms VKontakte and Odnoklassniki, which together bring in 10 times more traffic, according to Bloomberg.
LinkedIn (NYSE:LNKD) launches a major redesign for the 2 million Company Pages on its popular professional networking site, thus allowing business owners additional methods to market their brands along with connecting with clients and partners. Marc Bishop, LinkedIn’s director of global product marketing, commented that “It’s our goal to provide an environment where brands have the proper tools and platform to cultivate meaningful relationships with our members.”
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Groupon (NASDAQ:GRPN) shares plummeted 4.58 percent to $4.58 in pre-market trading Friday. In an understatement, the stock has traded in a wide range during the past 52 weeks, from a low of $4.00, to a high of $31.14, along with about $3.14 billion in market capitalization.
Pandora Media (NYSE:P) wins a legal victory in Oakland as United States District Court Judge Saundra Brown Armstrong has thrown out a lawsuit that claimed Pandora violated a Michigan privacy law by sharing information concerning music choices of Facebook users. In the ruling, the judge found that a 20 year old Michigan law applies only if companies lend, rent or sell music, which in Pandora’s case, doesn’t apply to companies that stream music online.
Zynga (NASDAQ:ZNGA) shares fell by 20 percent to $2.25 at 9:40 a.m. in New York, marking the lowest intraday price seen since the firm’s December initial public offering. Additionally, shares of Facebook, which operates the social network that generates the majority of Zynga’s game revenue, slid 2.7 percent to $21.36.