Social Media ETF (SOCL) Smacked as Facebook IPO (FB) Disappoints
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Shares of Global X Social Media Index ETF (Nasdaq: SOCL), the ETF that tracks stocks in the social media space, are getting hammered and are down 3.2 percent. The move lower comes as the IPO of Facebook (NASDAQ: FB) was somewhat of a disappointment and created a 'sell the news' reaction in secondary plays. Facebook dropped after opening $4 above the IPO price of $38, before recovering after a successful underwriter supports. Shares of Zynga (NYSE: ZNGA), considered a Facebook play, were halted numerous times today after the stock price dropped 13 percent. ZNGA shares currently sit down 9%.
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