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Twitter Reverses Rally As Shares Dive

wochit business
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December 27, 2013 AT 3:19 PM
Twitter’s rally came to an abrupt halt on Friday. Shares of the microblogging site tumbled $9.56, or 13 percent, to $63.75, taking a dent out of the big gains that accumulated since the San Francisco company’s initial public offering in early November. The drop wiped away about $5.2 billion in Twitter’s market capitalization, or a little less than twice that of J.C. Penney.