Hot Tech: Facebook Inc (NASDAQ:FB), Netflix, Inc. (NASDAQ:NFLX)

Lakeway, NY -- (SBWIRE) -- 02/21/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-

Facebook Inc (NASDAQ:FB) users can send a gift card through Wrapp, a mobile social gifting application if they want to celebrate an occasion.

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It has announced that users have redeemed more than 1 million gift cards since its launch.

Users can easily connect their Facebook accounts to the app and send gift cards to friends from more than 200 retailers. The news that Wrapp users have redeemed more than 1 million digital cards comes only 30 days after the company reported that it hit the 1 million user mark. 90% of Wrapp usage is on smartphones.

Wrapp CEO Hjalmar Winbladh discussed his company’s achievement in a press release: “When we say Wrapp makes gift giving fun and easy, we’re not blowing smoke. Consumers love the convenience of being able to use their phone to give gift cards, and they especially like that the gift cards are stored in their phone, so they always have them in their pocket when they’re ready to buy something. As for retailers and brands, we believe we offer the most cost-effective brand-building service available as they increasingly transition marketing for a more mobile- and social-network-driven world.”

Netflix, Inc. (NASDAQ:NFLX) shares fell by $9.33 or 4.75% to close at $187.12 on Wednesday following a lawsuit filed by a shareholder against the company of intentionally misrepresenting subscriber growth.

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On July 3 Netflix Chief Executive Officer Reed Hastings posted on the company’s public Facebook page that Netflix “monthly viewing exceeded 1 billion hours for the first time ever in June,” according to the complaint filed yesterday in federal court in San Jose, California. The stock took a surge of 13.4% to close at $81.72 from $72.04 on July 5.

Hastings’s Facebook statement “led the market to believe that Netflix was on target to achieve the 7 million net additions in domestic subscribers” and Chief Financial Officer David Wells “intentionally misrepresented the impact of the 1 billion hours of viewing on subscriber growth,” according to the complaint.

Hastings said in December that posting to his Facebook contingent of 200,000 followers “is very public.”

The case is Schulthes v. Netflix Inc., 13-00712, U.S. District Court, Northern District of California (San Jose)

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