August 15, 2012
Groupon (ticker symbol: GRPN) closed Tuesday at $5.51/share, down 2 bucks on the day, down from 18 bucks at the beginning of the year and down from over $30/share from when it came to market last November. And also on Tuesday, Citigroup downgraded it from buy to hold. Let’s be clear about that – the stock is down roughly 80% in less than a year, and NOW their opinion changes to neutral? Bob Prechter wrote about the uselessness of ratings services who waaaay after the fact “warn” investors that municipalities or entire countries may have trouble servicing their debt. Looks like Wall Street stock recommendations fall in a similar category. (To read Bob’s views about ratings agencies, click here, sign up and download the free eBook, then look on page 49.)
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