Groupon plunges below IPO price

Today's daily deal: Groupon's stock.

Shares sank by more than 15% Wednesday to close at an all-time low of $16.97. That's several dollars below the $20 asking price of the coupon site's initial public offering earlier this month.

It's the third straight day of massive declines for Groupon (GRPN), with shares diving 10% on Monday and nearly 15% on Tuesday.

"The stock has been very weak this week, as investors have continuing concern about growing competition and Groupon's overall business fundamentals," said Ed Woo, analyst at Wedbush Securities.

Read Full Article from CNN

- Posted: 2011-11-23 15:55:08

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