We believe the weak trends are likely to persist,” Benchmark’s Clayton Moran wrote after lowering his rating on the company to “hold” from “buy. You can also purchase Groupon coupons as gifts and send them to your friends.
“It appears the daily deal business has run into a wall, with some blame going to the European recession. Most of them are 40 to 70 percent off of things like local dining, spa. Angie’s List Inc, which provides consumer reviews of local services and businesses, fell 16 percent on the Nasdaq as a post-IPO lockup on its stock expired on Tuesday. Tuesday’s Internet stock selloff extended to Facebook and Yelp Inc, which fell 4 percent to 6 percent. On Monday, the company blamed a flagging European business for sharply missing second-quarter revenue expectations. The total value lost since its IPO is nearly $9.4 billion. Groupon hit $5.46 in afternoon trading, down 72 percent from its $20 November IPO price and losing almost $1.3 billion of value on Tuesday. The daily deals purveyor founded by quirky music graduate Andrew Mason, this year joined fellow recent dotcom debutantes such as Facebook Inc and Zynga Inc in shedding a massive chunk of its market value in past months.
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