Angie's List hits low, days after lock-up ends
Saturday, August 18, 2012
NEW YORK (AP) — Shares of online reviews site Angie's List hit another all-time low Friday, a few days after the lifting of a ban that had prohibited insiders from flooding the market with additional stock.
On Tuesday the stock suffered its biggest one-day drop thus far and closed at $11.17 when the so-called lock-up period on insiders ended.
On Friday Angie's List Inc. fell further, down nearly 5 percent, to close at $10.64. It traded as low as $10.43 earlier in the day, below the previous all-time low of $10.77 set in November.
The stocks of two other newly traded tech companies, Groupon Inc. and Facebook Inc., also hit all-time lows on Friday. Facebook had a similar lock-up period expire this week, while Groupon started the week by reporting lackluster quarterly earnings.
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