Trading the Globe FRIDAY: foreign Facebook frenzy

With Facebook moving toward its long-awaited IPO, global social media shares have been rising. Trading the Globe primetime specials are back, so what better trade to talk about? Tune in Friday and see!

Our favorite “foreign Facebook” is of course Russia’s Mail.ru, which looks like it’s finally started trading over the counter here as MLRUY (quote).

MLRUY is special because it’s both an emerging markets Web empire in itself and a direct play on the Facebook IPO.

The company owns 3.1% of Facebook via Russian venture capital baron Yuri Milner and his Digital Sky Technologies incubator.

Word has it the company now plans to sell about 20% of that stake when Facebook hits the market. As the deal price for Facebook shares keeps rising, that could easily unlock a $400 million payday for MLRUY.

For ages, we’ve been talking about MLRUY as something — like Facebook — that would be great for traders to keep their eyes on, if only they could actively trade it without a Russian brokerage account.

Now, finally, MLRUY is in play, although it’s just a trickle of volume.

Yesterday, the stock moved only 125 shares in the United States. But it’s having one of the biggest mornings of its life in London, so we may even see some action here.

This kind of frenzy often gets overplayed in the media and then disappoints the markets. However, it’s also what it takes to get OTC “stealth” stocks like MLRUY to start moving. Let’s hope that happens here.

All the details Friday night as Trading the Globe returns once again.