- Aided by King's poor debut and general momentum stock weakness, U.S. and Chinese Internet stocks have fallen hard for the second time this week.
- In addition to King rival Zynga and newly-minted VR headset maker Facebook, Twitter (TWTR -7.1%) is among the leading U.S. decliners. Exactly 3 months after reaching a peak of $74.73, shares have fallen below their post-IPO opening price of $45.10. They remain well above their $26 IPO price.
- Other U.S. decliners: P -5.2%. Z -6.2%. TRLA -7%. GSVC -4.8%. SVVC -4.1%.
- Many Chinese Internet stocks have also been hit hard. Sungy Mobile (GOMO -23.2%), which posted a Q4 beat and in-line guidance yesterday afternoon, is the biggest decliner. Others: QIHU -8%. WUBA -9.5%. MOBI -10.6%. QUNR -7.8%. NQ -7%. YOD -7.6%. WBAI -7.5%. SOHU -7%. ATHM -6.5%. SFUN -6.3%.
- Internet/social media ETFs: FDN, PNQI, SOCL