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Zynga’s Share Price Falls Off A Cliff As Facebook IPOs, Down 13.3% Before Trading Halted
Zynga’s share price plummeted 11.4% from $8.09 to $7.19 in the eight minutes after Facebook’s IPO went live, and down 13.3% since yesterday. And now trading has been halted to stem further losses. Investors may have expected Zynga shares to pop alongside Facebook’s, and then sold off stock of the gaming company when they didn’t. Another interpretation is that when investors saw Facebook’s stock have solid pop (though not enormous), they assumed the social network would become less reliant on Zynga. That could lead to less favorable treatment for the...
Published By: Tech Crunch - Friday, 18 May, 2012
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