Groupon shares slide, hit circuit breaker
BY SANDRA GUY Business Reporter email@example.com September 25, 2012 7:10PM
Updated: October 27, 2012 6:18AM
Shares of daily deal site Groupon plunged 7.21 percent, or 37 cents, on Tuesday, tripping a circuit breaker rule that protects stocks from being manipulated by short sellers.
Short sellers make money when a stock price goes down. The Nasdaq rule restricts prices at which a stock can be sold short.
Groupon’s stock, which had fallen as much as 10 percent earlier in the day Tuesday, closed at $4.82 a share.
The company’s stock has swung up and down as analysts weigh its efforts to diversify from the highly competitive and marketing-dependent daily deal strategy. The stock is down 76 percent from its public-offering debut price.
Groupon declined comment.