Shares of Zynga Inc. (NASDAQ:ZNGA) were halted earlier this morning after tumbling more than 13% as Facebook (NASDAQ:FB) started off shaky. Facebook’s much celebrated IPO started with a dud today after opening at $42 and then falling to $38 before recovering some. The social media giant has been single handedly moving the market today with the Dow down as much as 51 points when Facebook was at $38.
Other social media companies are also getting hit hard today with LinkedIn (NYSE:LNKD) down 1.69%, Groupon (NASDAQ:GRPN) down 6.12%, Yelp Inc. (NYSE:YELP) down 9.73% and Renren (NASDAQ:RENN) down 10.90%.
Today’s opening of Facebook was supposed to drive markets higher as investors turned their attention away from euro zone problems and other economic worries. So far, that has not happened with the markets trading slightly negative.
Once the initial hype of Facebook’s IPO is over, it will be interesting to see what the next few quarterly reports from the company bring. Investors don’t care who you are, they want to see return on investment or they will leave.
