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Twitter Inc (NYSE:TWTR) Gains 3% Leading Social Media Shares Higher Ahead Of Earnings

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By on Technology & Software

Twitter Inc (NYSE:TWTR) is higher in afternoon trading as investors likely turn focus to Q2 earnings due on July 29. TWTR is projected to reported a loss of $0.01 on revenue to $282.82 million, according to Capital IQ.

Helped by TWTR and others in the group, The Global X Social Media Index EFT is up 0.5% in afternoon trading, bucking the generally lower trend in the S&P 500, recently off 0.2%.

Twitter is up 2.3% at $37.91 per share. Among other social media stocks gaining are Facebook (FB) up 1.9% at $69.70 per share and Zynga (ZNGA) up 1%. FB earnings are due Wednesday with a Street consensus estimate at $0.32 per share on revenues of $2.81 billion.

ZNGA earnings are due August 7 with Street average earnings estimates at breakeven on revenue of $191.2 million. Likely helping ZNGA shares is a mostly positive Seeking Alpha article titled, “is Zynga A Buy On The Pullback.” The analyst states a case for buying shares based on a strong balance sheet, progress in mobile and investment in existing franchises.

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