JMP starts Zynga with "market outperform" rating, shares jump
(Reuters) - JMP Securities initiated coverage on Zynga Inc (ZNGA.O) with a "market outperform" rating, Dow Jones reported, sending the social gaming company's shares up as much as 10 percent.
Zynga, one of the several Internet startups that made a debut with fanfare last year, slashed its 2012 earnings outlook late last month blaming a steep drop-off in players for its core Facebook Inc (FB.O) money-makers.
Shares of the San Francisco-based creator of "Farmville" were up 7 percent at $3.17 on the Nasdaq on Wednesday morning. They have lost more than 40 percent of their value since the company slashed its outlook on July 25.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Supriya Kurane)
- Tweet this
- Share this
- Digg this
- Malaysia air probe finds scant evidence of attack - sources
- Search widened as Malaysia air probe finds scant evidence of attack
- UPDATE 5-GM hires law firms it works with to probe recall response
- Snowden: Proposed NSA reforms vindicate my data leaks |
- CANADA STOCKS-TSX steady as rising banks offset dip in miners
Former security contractor Edward Snowden, addressing a sympathetic crowd at a tech-heavy event in Austin, Texas, on Monday from a secret location in Russia, said proposed reforms at the National Security Agency show that he was vindicated in leaking classified material. Full Article