We got a 3% rally in the Dow. We have speculative names like Wynn , Salesforce.com , and Priceline.com surging.
And yet one group seemingly tailor-made for risk on rallies is suspiciously absent from today's action: social internet stocks.
Shares of LinkedIn and Groupon are both sharply lower, but it's LinkedIn shares that are attracting the interest of options traders.
With a hour to go in trading, LinkedIn puts are 60% more active than calls, with just over 13,000 puts trading hands.
There appears little catalyst for the sell-off, but some investors point to a Forbes articlesuggesting a $43 price target as a possible culprit.
Valuation has always been a concern for the social media player. LinkedIn shares trade at 11 times 2012 revenue, considerably higher than online rival Monster Worldwide , whose shares trade at 1 times next year's sales.
Other market participants suggested a simpler reason for the sloppy price action: a hangover from the recent lockup expiration.
Said Susquehanna's Herman Leung (Neutral): "Stocks tend not to do too well after huge offerings."
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