Wednesday’s declines in stocks like Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Zynga (NASDAQ:ZNGA) show that investors are remaining glum on the tech sector, but one stock is getting especially hard-hit: Groupon (NASDAQ:GRPN).
So far in today’s trading, GRPN is down more than 8% to about $4.10, putting the stock close to its 52-week lows. More importantly, that’s coming on thick volume of 28 million — more than double its daily average …
… on next to no news.
Things have been fairly quiet at Groupon for the past few months; traditionally a good sign, as the company has a penchant for dropping bombshells that get investors in a tizzy.
The only piece of news out right now: Groupon has ginned up some controversy with daily deals related to Hurricane Sandy, some of which have been criticized for their tact. For example, the company sent out a deal to New York City citizens with the subject line: “International Dinner in the Dark.”
Not exactly tasteful, but seemingly unlikely to be the push behind such a serious run on the stock.
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.” Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.