Cisco's Big Week Overshadows Apple's: Tech Recap
More than 270 million shares became eligible to trade, as insiders and early investors were given the chance to sell a portion of their holdings.
Under the terms of Facebook's IPO in May, there was an agreement for an additional 2 billion shares to come to market over the next nine months. This week's lockup expiration is just the first of several over the coming months.
Facebook shares fell 13% to end the week at $19.07.
The Chicago-based company posted revenue of $568.3 million, trailing estimates of $573.1 million. Excluding items, Groupon earned 8 cents a share for the three months ended June 30. Analysts were looking for a profit of 3 cents a share.
Groupon cited economic weakness in Europe for the revenue shortfall but on the conference call said "we believe we are not totally dependent on a macroeconomic turnaround."
For the third quarter, Groupon provided guidance with downside to Wall Street's current expectations.
Groupon shares tumbled 36% during the week to close at $4.75 on Friday.
"It will really be a great enabler, not just for storage, but for our systems as well," IBM vice president and integration executive Terri Mitchell told TheStreet. The company's existing flash partnerships with Fusion-io(FIO) and LSI (LSI) , she added, will be unaffected.
The value of the deal was not disclosed.
IBM shares ended the week at $201.22, up 1%.
Online real estate company Trulia filed to go public on Friday. The Zillow(Z) competitor, which will trade on the New York Stock Exchange under the ticker "TRLA," hopes to raise as much as $75 million in it IPO.