Tech Stocks Up In Wake Of Facebook IPO Filing: New Trend Or Does It Matter?
By Insider Monkey: As Facebook (FB) passes its eighth birthday (February 4, 2004) and moves toward its IPO, other tech stocks are getting a boost. Shares of the social saving site Groupon (GRPN), business networking site LinkedIn (LNKD) and social gaming company Zynga (ZNGA) jumped on Thursday, February 2. It was less than 24 hours after Facebook filed its IPO prospectus, and the increases were undeniable. Zynga leaped over 17%, Groupon, almost 8% and LinkedIn roughly 6%. By the end of trading this past Tuesday (Feb. 7), the increases enjoyed by these stocks had fallen slightly but remained elevated. The $7.79-billion market cap LinkedIn grew almost 4% from the beginning of trading Thursday to the end of the trading day Tuesday. The $15.58-billion market cap Groupon increased almost 2% and the $9.36-billion market cap Zynga was up over 3%. While other tech companies were not so lucky, there were increases across the boardComplete Story »