Social Media ETF (SOCL) Higher as Facebook (FB) Names First Female Board Member
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Just when everyone thought Global X Social Media Index ETF (NYSE: SOCL) was going to remain a dartboard for investors sickened by the Facebook (Nasdaq: FB) IPO, it opened this morning higher by 1.64 percent. SOCL has been under pressure for 3 months as social media stocks have fallen out of fashion after analysts questioned social media’s ability to grow advertising profits in the new era of online mobile.
Although it is only 8 percent of SOCL, Facebook is the ETF's most fashionable holding, and it is higher by 2 percent this morning. Today's move came after Facebook announced its newest board member, Sheryl Sandberg. The move higher signals investors' confidence in Sandberg who, as it happens, is the only woman on Facebook's board. In the past the social media company has faced criticism for having a male dominated board, especially considering its large female customer base.
In addition to the Sandberg news, Facebook (NYSE: FB) IPO quiet period expires on Wednesday, June 27th. Once it expires, analysts at the underwriters can launch formal coverage.
Shares of LinkedIn Corporation (NYSE: LNKD), another SOCL holding, moved higher after analysts at Capstone said today that the company's database alone had a value of roughly $5 per share.
Although it is only 8 percent of SOCL, Facebook is the ETF's most fashionable holding, and it is higher by 2 percent this morning. Today's move came after Facebook announced its newest board member, Sheryl Sandberg. The move higher signals investors' confidence in Sandberg who, as it happens, is the only woman on Facebook's board. In the past the social media company has faced criticism for having a male dominated board, especially considering its large female customer base.
In addition to the Sandberg news, Facebook (NYSE: FB) IPO quiet period expires on Wednesday, June 27th. Once it expires, analysts at the underwriters can launch formal coverage.
Shares of LinkedIn Corporation (NYSE: LNKD), another SOCL holding, moved higher after analysts at Capstone said today that the company's database alone had a value of roughly $5 per share.
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