Social and internet stocks such as Priceline Group Inc (NASDAQ:PCLN), Twitter Inc (NYSE:TWTR) and LinkedIn Corp (NYSE:LNKD) have been on the downside for a while now. However few investors see this is as an opportunity to buy these stocks. FMHR traders were discussing their picks from the list of these dipping internet stocks on CNBC and there were some popular names in the list.
Stephen Weiss was bullish on Priceline Group Inc (NASDAQ:PCLN) and he said that the stock looks like a value name because the fundamentals of the stock are very stronger and it is only getting better. He defended the stock stating that it’s not overvalued like Tesla Motors Inc (NASDAQ:TSLA).
Pete Najarian was backing Twitter Inc (NYSE:TWTR) and LinkedIn Corp (NYSE:LNKD) and he said that thought LinkedIn didn’t do all that well, Twitter performed better. He said that was a steep selloff and that impacted the stocks. However he feels that Facebook Inc (NASDAQ:FB) should be on the list of dipping social stocks which has fell around 8% until the close of trade yesterday since the July 1st. Though the stock has been unchanged for about 3 months, there has been a sudden dip in the stock since the beginning of this month and this makes it a potential buy. Najarian thinks that the stock has got enough in it to be on an upside. He referred to the mobile growth of Facebook Inc (NASDAQ:FB) and the way it has increased, the dip indicates potential upside according to Najarian.
“When I look at that company, any dip I think, especially a dip like this, to this magnitude, I think the stock’s starting to move to the upside and this continues.”
Tiger Global Management Llc is a key investor in Priceline Group Inc (NASDAQ:PCLN) with 680,000 shares as of March 31st 2014 and the other key investors are Blue Ridge Capital with about 301,000 shares and Cantillon Capital Management with approximately 300,000 shares. The key investors in Facebook Inc (NASDAQ:FB) are Coatue Management and Jat Capital Management with about 6.3 and 4.3 million shares respectively.