NEW YORK (TheStreet) -- Shares of Internet coupon provider RetailMeNot (SALE) are falling after a website reported that the company's visibility in Google (GOOG) searches had recently tumbled due to an update made by the search giant.
WHAT'S NEW: According to Searchmetrics, RetailMeNot's overall visibility on Google dropped about 33% in the wake of changes that Google recently made to its search metrics. Other companies that were negatively impacted by the search engine's changes include eBay (EBAY), whose visibility also dropped about 33%, and IAC Interactive's (IACI) search engine Ask.com, whose visibility plunged an estimated 50%, Searchmetrics reported.
ANALYST REACTION: Research firm Jefferies defended RetailMeNot earlier today in the wake of the stock's decline.
WHAT'S NOTABLE: RetailMeNot launched its IPO in July 2013, opening for trade on that first day at $26.50.PRICE ACTION: In mid-morning trading, RetailMeNot sank 10.6% to $27.75, eBay was little changed at $51.69, and IAC/InterActive lost 1% to $62.18. Reporting by Larry Ramer.