Afternoon Buzzers: Apple Pays Tribute to Steve Jobs, Zynga Plunges 19%
Shares of Apple (NASDAQ:AAPL) traded slightly lower in morning trading. The tech giant is remembering its co-founder Steve Jobs, who passed away one year-ago today, with a tribute video on its website. Current Apple CEO Tim Cook also posted a message that says, “One of the greatest gifts Steve gave the world is Apple. No company has ever inspired such creativity or set such high standards for itself.”
Zynga (NASDAQ:ZNGA) shares plunged nearly 19 percent. Although Zynga already cut its full-year guidance once before in July, the company reduced its outlook for the year even more. Bookings are projected to be in the range of $1.085 billion to $1.100 billion, compared to previous expectations between $1.150 billion and $1.225 billion. Adjusted EBITDA is estimated to come in at $147 million to $162 million, down from the previous $180 million to $250 million range. Facebook (NASDAQ:FB) shares also declined on the news.
Avon Products (NYSE:AVP) shares jumped 5.5 percent on Friday. The company announced that Andrea Jung has informed the Board of Directors that she will step down as executive chairman at the end of the year. She will be succeeded by Fred Hassan, the lead independent director. “Fred’s experience and leadership on the Avon board, and his unusual record of leading turnarounds at world-class companies over his distinguished career make him ideally suited to take on the independent chairman role,” said Jung.
Shares of Hewlett-Packard (NYSE:HPQ) continued to head lower. Meg Whitman, chief executive officer, recently said she expects the coming fiscal year to be another difficult one for the technology company, saying HP will experience a “broad-based profit decline.” The company projected revenue at its enterprise services to drop about 11 percent to 13 percent, and estimates earnings of $3.40 to $3.60 per share. On Thursday, Whitman told CNBC that rebuilding the company is a four or five year plan.
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