Facebook shares plunged below the $20 level as a lockup period expired Thursday, with an additional 270 million shares now eligible to be traded. As part of Facebook's IPO in May, there was an agreement for an additional 2 billion shares to come on the market over the next nine months. Thursday's lockup expiration is just the first of several over the next nine months.
Shares hit a new 52-week low of $19.69 before bouncing slightly higher, trading at $20.02, off 5.57% on more than 100 million shares.
Cisco Systems (CSCO - Get Report) led technology higher, after the network equipment provider reported fourth-quarter earnings that beat expectations. Cisco earned 47 cents a share on revenue of $11.7 billion, up from 40 cents a share $11.2 billion in the same period last year. Analysts polled by Thomson Reuters were looking for 45 cents per share on $11.6 billion in revenue. The company also boosted its quarterly dividend 75% to 14 cents per share per quarter. Cisco shares had strong gains Thursday, up 8.65% to $18.85 on more than 88 million shares.
Groupon (GRPN - Get Report) continued its descent, falling below the $5 level, before recovering. Earlier in the week, the Chicago-based company reported second-quarter earnings that missed expectations. Groupon had non-GAAP earnings of 8 cents a share on revenue of $568.3 million. The average estimate of analysts polled by Thomson Reuters was for a profit of 3 cents a share on revenue of $573.1 million Shares of Groupon fell 5.64% to $5.02 on 20 million shares, nearly twice its average daily volume. Interested in more on Groupon? See TheStreet Ratings' report card for this stock. Follow TheStreet Tech on your wireless devices. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull