The carnage in Internet-related stocks such as Priceline (NasdaqGS: PCLN) and Zynga (NasdaqGS: ZNGA) reminds some financial advisors of the prelude to the dot-com meltdown in 2000.
Let’s just hope it’s a coincidence as the S&P 500 tests the 2012 high and that U.S. stocks will finally break out.
Financial blog Zero Hedge on Tuesday reported that Groupon and Zynga are down 70% from their IPO price while Facebook is off 44%. Since the IPOs, investors have lost $58 billion market cap on the three stocks, according to the report.
PowerShares Nasdaq Internet Portfolio
