Zynga Loses Another Executive, Five Below Drops 6%: Radar Stocks
Zynga (NASDAQ:ZNGA) shares lost another 1 percent. The social gaming company also lost another executive. Jeff Karp, chief marketing officer, has reportedly left the Zynga for undisclosed reasons. He joins chief operating officer John Schappert and chief creative officer Mike Verdu among top officials to leave the company since August.
Shares of Apple (NASDAQ:AAPL) edged slightly lower today. The tech giant touched a new all-time high above $683 in regular trading yesterday, but investors have taken profits since. The company is expected to unveil the iPhone 5 at a special event on Wednesday.
Apple has been a huge winning stock pick for Wall St. Cheat Sheet Newsletter subscribers. Don’t waste another minute — click here and get more of our CHEAT SHEET stock picks now.
Five Below (NASDAQ:FIVE) shares dropped more than 3.5 percent after reporting second quarter fiscal results. Net income came in at $1.2 million, compared to $2.2 million in the same period a year earlier. Thomas Vellios, co-founder and president said, “We are pleased to have delivered net sales, comparable store sales, and operating income growth for the second quarter that reflects the strength of our dynamic business model. Our unique concept that delivers trend-right merchandise to our core teen and pre-teen customer in an engaging store environment and at the $1 to $5 value price points resonates with our customers and continues to drive our success.”
Credit card companies such as Visa (NYSE:V) and MasterCard (NYSE:MA) recovered today after taking a hit yesterday. The Federal Reserve reported that consumer borrowing in the U.S. fell in July for the first time in almost a year by $3.28 billion. Ryan Wang, an economist at HSBC Securities, explains, “Households are definitely still in deleveraging mode, they’re hesitant to take on new debt,” according to Bloomberg.
Investor Insights: AMAZON: Swimming in the Moats of Others