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Nasdaq Now: Facebook Shares Plunge After Lockout


Investors are cashing out despite the stock price decline.

MINYANVILLE ORIGINAL The Nasdaq Composite (^IXIC) rose 0.92% or 27.75 points to 3,058.68.

Facebook (FB) shares are the most active on the index. Shares declined by 6% today to a post-IPO low of $19.69. The lockup period for 10% of Facebook's total shares ended today. This bumped the number of publicly traded shares up by 60%. Evidently, many venture capitalists and other early Facebook investors were eager to cash out today. Groupon (GRPN) extended its precipitous decline since reporting dismal earnings on Tuesday. Other social media stocks like Yelp (YELP) are also taking a beating.

Coinstar (CSTR), the operator of the Redbox DVD kiosks, is rumored to be looking to sell itself to a private equity firm, the New York Post reported. Shares rose over 10% to $52.89 today on hopes that a buyout will pay more than the current valuation for the company.

Twitter: @vincent_trivett
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