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News & Updates - Friday, December 14, 2007

SocialPicks Joins Stock Picking SocNet Party

We're picking up on a trend about social networks for stock picking.

+ Cyprus-based Yalicoo is killing it with traffic growth. The site has organized a stock trading game with cash prizes.

+ The Updown says that it has passed the10K user mark, and 50% of the active traders have been paid out, some over $1,000. Users create a profile and start building and managing a virtual portfolio using $1M virtual dollars. The company gets a fair amount of attention, we think, because the 3 founders are at Harvard Business School. TheUpDown says it has raised $500K in seed funding from a European investor.

Here's TheUpDown On CNBC

+ Mountain View, CA SocialPicks is another community for stock market investors. It has just raised $500K in Series A funding led by Bay Partners.

+ Covestor is another entry here. A difference is that covestor is not a game but is about people sharing information about their real trades. We like this idea this best but do think it will take some time as most people, including ourselves, don't feel comfortable sharing our wins and losses with the world.

See Covestor on CNBC