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May 18, 2012 07:52 pm GMT
Zynga's share price plummeted 11.4 percent from $8.09 to $7.19 in the eight minutes after Facebook's IPO went live, and down 13.3 percent since yesterday. Trading has been halted to stem further losses.While we can't know the exact reason why this happened, I'd bet that investors expected Zynga shares to pop alongside Facebook's during the IPO. But when they didn't pop at all and instead stayed flat, those short-term investors sold off the social gaming company's shares.Many tech stocks have traded downward following Facebook's open. Chinese social networkRenren,professionalnetworkLinkedIn, and some other related tech stocks are also down.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/hRbmoLb8wC8/
Zyngas Share Price Falls Off A Cliff As Facebook IPOs, Down 13.3% Before Trading Halted
Zynga's share price plummeted 11.4 percent from $8.09 to $7.19 in the eight minutes after Facebook's IPO went live, and down 13.3 percent since yesterday. Trading has been halted to stem further losses.While we can't know the exact reason why this happened, I'd bet that investors expected Zynga shares to pop alongside Facebook's during the IPO. But when they didn't pop at all and instead stayed flat, those short-term investors sold off the social gaming company's shares.Many tech stocks have traded downward following Facebook's open. Chinese social networkRenren,professionalnetworkLinkedIn, and some other related tech stocks are also down.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/hRbmoLb8wC8/
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