Reuters: Technology News: Zynga shares dive, Nasdaq halts short sales

Reuters: Technology News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Zynga shares dive, Nasdaq halts short sales Jun 12th 2012, 18:39 Tweet Share this Email Print Related News Facebook allows bespoke mobile ads, shores up Achilles Heel Tue, Jun 5 2012 Facebook comments, ads don't sway most users: poll Mon, Jun 4 2012 Facebook shares plumb new depths, valuation questioned Tue, May 29 2012 Opera seen a Facebook fit but no "For Sale" sign Tue, May 29 2012 Shareholders sue Facebook, NYSE comes calling Thu, May 24 2012 Analysis & Opinion Is Nasdaq to blame for Facebook's share price? Facebook muppet of the day: UBS Related Topics Tech » Hot Stocks » Asian Markets » Media » Facebook » The corporate logo for Zynga is seen on a screen outside the Nasdaq Market Site in New York, December 16, 2011. Credit: Reuters/Brendan McDermid By Bill Rigby SEATTLE | Tue Jun 12, 2012 12:59pm EDT SEATTLE (Reuters) - Shares of Zynga Inc fell more than 9 percent on Tuesday, to their lowest level since going public last December, on increased concerns that the craze for games on Facebook has already passed its peak. The San Francisco-based producer of games such as "Farmville" and "Hidden Chronicles," which are played by millions of Facebook users, is suffering as gamers switch to their mobile phones for entertainment. Zynga's daily active users dropped 8.2 percent to 54.2 million in May, according to App Data that tracks apps on Facebook and mobile platforms. "We believe that interest in Facebook-based gaming may have reached a negative inflection point," Cowen & Co analysts wrote in a research report released on Tuesday, "as more casual gamers migrate to mobile platforms." The market for games on Facebook was in an "accelerating user tailspin," the analysts wrote. Zynga took advantage of the enthusiasm for Facebook and interactive online games with an initial public offering in December, which valued the company at $9 billion. Since then, Facebook's messy IPO has dampened investors' appetite for consumer Internet stocks, while Zynga has struggled to ignite further growth and insiders have sold more than $500 million in stock. Zynga shares were down 10 percent at $4.94 in afternoon Nasdaq trading. (Reporting By Bill Rigby, editing by Dave Zimmerman and David Gregorio) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) Jun 12, 2012 1:16pm EDT  --  Report as abuse See All Comments » Add Your Comment

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions