By Rex Crum, MarketWatch
SAN FRANCISCO (MarketWatch) -- Tech stocks posted broad losses
Tuesday, with Twitter Inc. among the standout decliners following
the expiration of the social networking company's lockup period.
Now, insiders can choose to sell almost half a billion shares of
the social-networking company.
Twitter (TWTR) fell almost 10% to $34.96 a share Tuesday, as
many of Twitter's early investors can now choose to sell their
holdings. The company went public six months ago. Co-founders Jack
Dorsey and Evan Williams, along with Twitter Chief Executive Dick
Costolo, have said they did not intend to sell their shares after
the lockup period expired.
Pandora Media Inc. (P) fell by 3% to $24.01 a share. Before the
market opened, the Internet radio company reported listener data
for April, which included 1.7 billion listener hours, a 30%
increase from a year ago, but down slightly from the 1.71 billion
hours Pandora reported in March. Pandora also said its share of the
total U.S. radio-listening market rose to 9.28% from 7.33% in April
2013.
Declines also came from Yelp Inc. (YELP), off by 3.8%, LinkedIn
Corp. (LNKD), which gave up 2.6% and Facebook Inc. (FB), down by 1%
at $60.51 a share.
Groupon Inc. (GRPN) shares edged up by 1.3% to $6.98 ahead of
the online deal and e-commerce company's quarterly results, due
after the close of trading.
Small gains also came from Apple Inc. (AAPL), Yahoo Inc. (YHOO)
and Micron Technology Inc. (MU).
The Nasdaq Composite Index (RIXF) fell 14 points to 4,124.
More tech news from MarketWatch:
Twitter tumbles on wave of unlocked shares
Apple's Ahrendts in line for big payday, if she stays the
distance
Subscribe to WSJ: http://online.wsj.com?mod=djnwires