Groupon Finds Support After Conference Cancellation Rumor Squashed

Groupon Inc GRPN shares are trading lower by 25 cents (4.8 percent) at $4.70 in Friday's session.

Off the opening bell, the stock was under selling pressure based on a rumor that the company had cancelled a presentation at Credit Suisse's Tech Media Telecom Conference.

The ensuing decline took Groupon to a key support level at the $4.55 area. The reason for that being the stock put in a pair of lows at that level on Sept. 22 and Sept. 25. Those lows were buffeted by another low on Sept. 26 at $4.62.

Related Link: Groupon Is Starting To Look Like A Better Deal

Just as the stock was trading at that critical support level, Benzinga confirmed with Groupon that the company didn't cancelled out of the Credit Suisse conference. The company went on to elaborate that, "We were never actually registered for this conference," and it didn't pursue the event as "schedules weren't lining up."

As of 2:10 p.m. EST, the rebound of that low has been capped at $4.73.