Shares of Facebook (NASDAQ:FB) continued to edge lower in late afternoon hours, after closing 5.4 percent lower on Friday. The social media giant reached another new all-time low after receiving multiple price cuts. Bank of America (NYSE:BAC) reduced its price target to $23 from $35, while BMO Capital slashed its price target to $15 from $25 and reiterated its Underperform rating.
Amazon.Com (NASDAQ:AMZN) shares continued to edge higher in late afternoon hours. The WSJ reports that the company’s next tablet will be an ad-supported model offered at a discount. “The new device would come at a discount to tablets without the advertising subsidy, said the people, though exact pricing wasn’t clear. The tablet would display an ad after the user ‘wakes’ the gadget, said one person briefed on the matter. Amazon has discussed how some versions of the new tablet would connect to the Internet only through Wi-Fi networks, said the person briefed on the product.” Apple (NASDAQ:AAPL) shares traded mostly flat on the news.
Don’t Miss: REALLY? Analyst LIKES Apple AND Facebook
Zynga (NASDAQ:ZNGA) attracted more attention to itself for all the wrong reasons. Reports indicate that two of the company’s vice presidents, Bill Mooney and Brian Birtwistle, have left the video game maker. Bloomberg reports, “Mooney, a vice president of studios, and Birtwistle, a vice president of marketing, resigned this week, said the person, who asked not to be identified because the departures aren’t public.” Shares bounced 0.36 percent in late afternoon trading.
Zumiez (NASDAQ:ZUMZ) shares closed 9.4 percent lower on Friday. The retailer announced late Thursday that net income for the second quarter dropped 19.5 percent to $2.1 million (7 cents per share), compared to $2.6 million (8 cents per share) a year earlier. Rick Brooks, chief executive officer, stated, “The second quarter was a productive and transformational period for our Company.”
Investor Insight: Have Investors Given Up on Facebook?