Why Groupon Stock Popped 7% on Wednesday

Shares of Groupon (NASDAQ: GRPN) jumped as much as 7% on Wednesday after the company announced its new CEO Kedar Deshpande. Investors were excited at the time of the announcement, buying up Groupon shares, but the stock has since given up a lot of these gains and is up only 1.6% as of 12:13 p.m. ET.

Deshpande spent the last 10 years at Zappos, where he worked his way up to the CEO role. Groupon's board of directors likely thought this experience would be vital in helping it turn around its consumer and merchant marketplace.

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Source Fool.com