Pandora Faces COMPETITION and 4 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB): Analysts with the two biggest underwriters for Facebook Inc.’s initial public offering lowered their price targets on the stock, assisting in pushing the shares to new lows. Scott Devitt, who is an analyst with lead Facebook underwriter Morgan Stanley, lowered his price target on Facebook through the next 12 months by 16 percent, to $32 from $38, and warned that with the worst-case scenario, shares may drop down to $17. His previous target price matched the IPO price for the social network’s shares. Doug Anmuth, who is an analyst with J.P. Morgan Chase & Co., lowered his price target for the end of 2013 even more, to $30 from $45, which is a 33 percent reduction. The shares traded down $0.31 (1.70%) recently at $17.75.
LinkedIn Corporation (NYSE:LNKD): The intention of a new tool that the company announced today by Bloomfire is a more collaborative LinkedIn Group. Bloomfire for LinkedIn Groups allows owners and members of LinkedIn Groups to create a media-capable collaborative community. Bloomfire CEO Craig Malloy claimed in a statement that the free app “expands how we communicate in LinkedIn so we can share knowledge by showing instead of just telling or linking to outside content.” The shares traded down $0.06 (0.06%) recently at $107.24.
Groupon, Inc. (NASDAQ:GRPN): Late Friday, Eric Lefkofsky, who is the largest Groupon shareholder, transferred 15.7 million shares to a group of 20 advisers, consultants, and early investors. He also “gifted” 3 million shares to his family’s charitable foundation, according to his spokesman. The shares have been moved from a limited liability corporation, 600 West Groupon LLC, which is managed by a firm owned by Lefkofsky and his wife.The shares traded down $0.04 (0.84%) recently at $4.11.
Pandora Media, Inc. (NYSE:P) has announced the launch of its free music streaming service, named Nokia Music in the USA. Nokia Music is a free mobile experience that is exclusive to only Nokia Lumia handsets, the company stated. The service is totally free of advertisements, and does not require registration or subscription, Nokia also mentioned. Consumers have the ability to stream music from a suite of more than 150 exclusive playlists curated and kept up to date by an expert team of U.S. based musicologists, Nokia added. Other companies who have been offering music via the Internet and/or mobile devices include Pandora (NYSE:P) and Sirius XM (NASDAQ:SIRI). The shares traded down $0.11 (0.92%) recently at $12.10.
Zynga, Inc. (NASDAQ:ZNGA) was not treated well by August . The social-game maker lost many high-level execs, including Chief Operating Officer John Schappert, who it poached from Electronic Arts just more than year ago. Schappert began the executive exodus officially started not long after. However, this does not appear to be a one-way street, because AllThingsD now reports that Zynga has now scored a COO of new markets, Maytal Ginzburg. “New markets” really concerns Zynga’s interest in becoming a part of real-money gambling. CEO Mark Pincus stated that the company intends to launch its first real-money gaming products internationally within the first half of 2013, assuming it is able to procure all the licensing and regulatory approvals necessary. The shares traded down $0.06 (2.14%) recently at $2.74.
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