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Why Groupon (GRPN) Is Up Today

Update (4:33 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Groupon Inc.  (GRPN) rose 3.92% to $11.41, up 43 cents from its previous close of $10.98, at the close of the trading day on Tuesday after the company purchased fashion sale site Ideeli for $43 million in cash. 

The stock had a volume of 12,349,752, well below its average of 19,659,800. It hit a high of $11.49 and a low of $11.03 for the day.

The purchase was a loss for Ideeli shareholders, as the company had received $107 million in venture capital from 2007 through 2013. Groupon announced that it plans to keep Ideeli running as a separate website but noted opportunities for synergy with the new acquisition.

Ideeli uses timed sales, similar to Groupon, to sell designer products at up to 90% off and features different brands each day. But this method had not yielded positive results for the company, which most recently operated at a $30 million loss.

Groupon's stock recovered somewhat on Tuesday morning after the company had trended downward for the better part of 2014.

GRPN Chart

GRPN data by YCharts

 

Stock quotes in this article: GRPN 

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