Social Networking & Mobile Ad Stocks Jump On Facebook’s Win: Tech Biz Update
Social networking and mobile ad peers of Facebook, such as LinkedIn (NYSE:LNKD), Millenial Media (MM), Renren (NYSE:RENN), and Sina Corporation (NASDAQ:SINA), are seeing their shares move up Wednesday in sympathy with FB’s third quarter results beat that was driven by its booming mobile ad sales and an optimistic earnings call. However, Zynga (NASDAQ:ZNGA) is moving the opposite direction by Facebook’s payments revenue share that is rapidly declining.
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