Angie's List hits low, days after lock-up ends

[August 18, 2012]  NEW YORK (AP) -- Shares of online reviews site Angie's List hit another all-time low Friday, a few days after the lifting of a ban that had prohibited insiders from flooding the market with additional stock.

On Tuesday the stock suffered its biggest one-day drop thus far and closed at $11.17 when the so-called lock-up period on insiders ended.

On Friday Angie's List Inc. fell further, down nearly 5 percent, to close at $10.64. It traded as low as $10.43 earlier in the day, below the previous all-time low of $10.77 set in November.

The stocks of two other newly traded tech companies, Groupon Inc. and Facebook Inc., also hit all-time lows on Friday. Facebook had a similar lock-up period expire this week, while Groupon started the week by reporting lackluster quarterly earnings.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.