Zynga Management REFUSES to Consider Sale and 4 Social Media Stocks Seeing Action
Facebook, Inc. (NASDAQ:FB): Dustin Moskovitz, who is one of Facebook’s four co-founders, will cash in a small portion of his more than $2 billion stake. Moskovitz sold off 450,000 shares in 150,000-share increments through the last three trading days. The shares sold for between $19.38 and $19.99 each, which nets Moskovitz nearly $9 million. Due to the fact that Moskovitz owns a large piece of the company, he was required to disclose the sale. The shares traded up $0.34 (1.78%) recently at $19.50.
Don’t Miss: CHEAT SHEET: The Facebook Lockup Explained.
LinkedIn Corporation (NYSE:LNKD): The Swedish count who founded one of the first social networks has returned with a new invitation-only site intended to attract jet-setters and the well-heeled away from both Facebook Inc. (FB) and LinkedIn. The BestofAllWorlds site, beginning on Aug. 27, should allow users to mingle online with similar-minded people, find restaurants and nightlife in city guides, and find out who is attending events like Art Basel in Miami and England’s Royal Ascot horse racing, stated Erik Wachtmeister, whose father was a Swedish ambassador to the U.S. The shares traded up $0.34 (0.32%) recently at $105.59.
Groupon, Inc. (NASDAQ:GRPN): Groupon (NASDAQ:GRPN) will lose Jayna Cooke, the saleswoman who is responsible for the high-profile national deals that were signed in 2010 with Gap (NYSE:GPS) and Nordstrom (NYSE:JWN) which assisted in elevating the visibility of the daily-deals site, reports The Wall Street Journal. The shares traded up $0.05 (0.99%) recently at $4.59.
Pandora Media, Inc. (NYSE:P): In a report published on Wednesday, Albert Fried and Company maintained its Overweight rating and $13.00 price target on Pandora Media. The shares traded up $0.21 (2.18%) recently at $9.85.
Zynga, Inc. (NASDAQ:ZNGA) operations are getting the least credit in public markets among Internet media companies, and refusal by management to consider a sale as growth decelerates is blocking a manner in which shareholders would be able recover losses, reports Bloomberg. CEO Mark Pincus controls 50.15 percent of the voting rights for Zynga shares, and has stated that he’ll never consider a sale. The stock has fallen 70 percent since its December IPO, cash and investments represent 73 percent of its market value, the highest proportion among peers trading for over $1 billion, reports Bloomberg data. The shares traded up $0.27 (9.09%) recently at $3.24.
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