Groupon (GRPN) Plummets Despite Market's Levity

NEW YORK (TheStreet) -- The market showed signs of relief, as Congress reached an agreement in budget negotiations that left the government shut down for more than two weeks. The S&P 500 was up 0.29% to 1,726.48 as of 2:10 p.m. ET, hovering near its former record-breaking close of 1,725.52 set back on Sept. 18.

Groupon (GRPN), however, plunged 5.7% to $10.79, despite the absence of any concrete news. The drop in share price is seemingly in sympathy with bellwether e-commerce company eBay (EBAY), which dropped 3.9% to $51.44 after reporting sluggish holiday forecasts Wednesday evening.

Year to date, Groupon shares have gained 122.2%. The Chicago-based e-retailer is due to report third-quarter earnings on November 7. Analysts surveyed by Yahoo! Finance expect the earnings per share of 1 cent a share on revenue of $616.13 million for the period ended September 13. In the second quarter ended June 30, the company posted a loss per share of 1 cent on revenue of $608.7 million.

Written by Keris Alison Lahiff.

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