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Wednesday, Oct 24
2012, 9:55 AM
Even with a big upcoming lockup expiration, Facebook (FB +21.6%) shorts are rushing to cover...
Even with a big upcoming lockup expiration, Facebook (FB +21.6%) shorts are rushing to cover following a Q3 beat fueled by growing mobile ad sales, and an upbeat earnings call (I, II) focused on rising monetization. Social networking and mobile ad peers are joining in on the fun: LNKD +5.4%. RENN +4.9%. SINA +2.2% MM +10.7%. VELT +5.4%. Zynga (ZNGA +0.5%) is largely being left out after Facebook noted its Payments revenue share is quickly declining. Zynga announced layoffs yesterday and reports this afternoon. (FB transcript)