NEW YORK (TheStreet) -- Facebook (FB) - Get Report gained Wednesday as it began offering users a new feature providing panoramic views of videos, and PayPal (PYPL) - Get Report rose on an analyst's upgrade, while Yahoo! (YHOO) dropped amid concern over plans for its Alibaba (BABA) - Get Report stake.
Facebook rose 1.1% to $93.97. The social media company said it's now supporting 360-degree videos, allowing users to drag a cursor or tilt a device to view a video from any direction.
Companies were quick to showcase the technology, Reuters reported. Walt Disney (DIS) - Get Report posted a 360 video allowing viewers to explore the fictional planet Jakku to promote its upcoming Star Wars: The Force Awakens movie, while GoPro (GPRO) - Get Report posted a video on motocross riding in the Idaho desert and Vice Media released a video of on-the-ground reporting in Afghanistan, according to the news agency.
"On the phone especially, slowly turning around and tilting your device up and down to watch a scene as it's playing is a really cool experience that takes you somewhere else," Chris Cox, Facebook's chief product officer, wrote in a post Wednesday. "It's the kind of thing that you run over to show someone else the moment you first see it."
The new product will roll out first on desktop and Android in a few days, and then to iOS devices in the coming months, SiliconBeat reported.
GoPro fell 2% Wednesday to $32.64.
Separately, eMarketer said it expects Facebook to capture $16.29 billion in ad revenue worldwide this year, a jump of 41.8% over 2014 in growth driven by the company's mobile photo-sharing service, Instagram. Facebook is expected to take 64.8% of total social network ad spending worldwide in 2015, according to the report.
Twitter is now expected to increase its ad revenue 61.8% this year, taking in $2.03 billion, or 8.1% of total social network ad spending worldwide, eMarketer predicted. That's less than the growth of 66.9% the service had projected in April.
Twitter declined 0.1% to close at $26.80.
Yahoo! fell 2.2% to $29.74 while Alibaba dropped 3.1% to $59.95.
The lockup period for 63% of Alibaba's stock expired Saturday, meaning insiders and major shareholders are now free to sell their holdings, Tech News Today reported. That increases the risk and uncertainty around the stock, especially since those who want to get rid of Alibaba due to the Chinese economy's recent woes now have the opportunity to do so, which will flood the market amid limited demand, the Web site reported.
Many analysts think Yahoo! will eventually sell off its 15% stake, despite the lurking multi-billion dollar tax issue it will face, according to the report.
PayPal rose 2.4% to $34.16. Brokerage firm Stifel Nicolaus upgraded its rating on the stock to buy from hold, with a price target of $40 a share, according to News Watch International.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.