Facebook Counts Down to Lockup Expiration and 4 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB) is pulling back one day before approximately 777 million additional shares of the company are expected to become available for sale. In a September 4 regulatory filing, the social networking colossus reported that about 749 million of their dominant shares and about 28 million restricted stock units that are not owned by current employees as of October 15 will be ready to sell on November 14, 2012. On December 14, 2012, about 156 million shares held by the initial public offering participants will become eligible to be sold. As of August, Facebook Chief Executive Officer, Mark Zuckerberg had no plans to sell any of his shares. Meanwhile, in a note to investors on October 24, Wells Fargo wrote that the stock had bottomed and “should be able to withstand the coming share lockups.” In late morning trading, Facebook dropped 42c or 2.09%, to $19.65.
LinkedIn Corporation (NYSE:LNKD) has just released updates to their iOS and Android apps that brings one of the most-requested features to the mobile platform. Starting today, LinkedIn users can now edit their profiles via mobile. “Now, you can update your profile with a new headline, add recent skills, or add a new position so your professional identity is always up to date,” while on the go.
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Groupon, Inc. (NASDAQ:GRPN) is now offering free standard shipping and returns for the discounted products that are sold through Groupon Goods. The free shipping applies to any United States or Canadian order of at least $15 before tax. Returns on eligible products are free within 14 days. Oversized items weighing more than 150 pounds with the longest side more than 105 inches or its girth more than 165 inches and products delivered by special carriers are excluded. Books, beauty items, undergarments, perishable or items which have been worn cannot be returned.
Pandora Media, Inc. (NYSE:P) founder Tim Westergren denied claims that an Internet royalty bill pending in Congress would take money away from musicians and recording artists. Westergren is a vocal proponent of the Internet Radio Fairness Act which proposes to put Internet radio services on the same royalty-setting standard as satellite and cable radio stations. The Pandora founder argued that Internet radio stations unfairly pay higher royalty fees than other digital radio services because they’re placed under a different standard. Critics of the bill, such as music FIRST, have said that Pandora cares more about their bottom line than compensating artists fairly. Speaking at the Future of Music Summit, Westergren said those allegations are simply not true and emphasized that the bill does not set royalty rates for Internet radio services.
Zynga, Inc. (NASDAQ:ZNGA): As income from their Facebook games decreases, moving content to mobile platforms has become their most important priority. Speaking at Fast Company’s Innovation Uncensored conference in San Francisco last week, Chief Executive Officer Mark Pincus said that this shift is the biggest in the company’s five-year history. All games this quarter have had mobile capability. Change is especially difficult under the scrutiny of Wall Street, but Pincus argued that Zynga has already been successful on mobile platforms. “We don’t get a lot of credit for where we already are in mobile,” he said. “We believe that by daily active users and minutes spent that we are already the largest mobile gaming network in the western world.”