It looked like last week would end up being fairly quiet for social stocks. But with the buzz of a Facebook IPO filing, Friday saw a rally. The weekly gain for the Social Stock Tracker came to 3%, bringing the total value of the basket of stocks to $33 billion. Keep in mind that a Facebook IPO is expected to fetch a market cap of $75 billion to $100 billion.
For the week, the top performer was Zynga (NASDAQ:ZNGA). The company launched Zynga Bingo (it’s in closed beta testing), which is part of its Casino destination. Perhaps this is just another part of the plan to capitalize on legalized online gambling?
However, Groupon (NASDAQ:GRPN) lost some traction, with its stock off 3.88%. The company’s CEO, Andrew Mason, has been continuing his spate of media. He recently said a key to the company’s success is that it’s essentially a “cyborg” — part machine, part human.
Investors didn’t really seem to care.
Tom Taulli runs the InvestorPlace blog IPO Playbook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of “All About Short Selling” and “All About Commodities.” Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned securities.