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Zynga shares halted twice in volatile trade

Zynga shares halted twice in volatile trade# Stock

d*82012-05-18 07:05

1 楼

NEW YORK (Reuters) - Shares in social gaming company Zynga Inc (ZNGA.O),
which generates the majority of its revenue from Facebook, were halted twice
in volatile trading on Friday as the stock jumped around on the same day as
Facebook Inc's (FB.O) debut.
Shares of Zynga were down 5.6 percent to $7.80 a share, having hit an
earlier low of $7.08 a share, which triggered an automatic halt due to the
fluctuation in its price.
(Reporting By David Gaffen; Editing by Chizu Nomiyama)

d*82012-05-18 07:05

2 楼

Zynga Inc. (ZNGA) shares, paused for a volatility circuit breaker that was
supposed to last five minutes, failed to resume until about 50 minutes later
. Another halt also lasted too long.
The stock was paused at 11:37 a.m. New York time after dropping as much as
14 percent from yesterday’s close to $7.08. The circuit breaker is
triggered when a company rises or falls 10 percent within five minutes. It
resumed at 12:27 p.m. and was halted again two minutes later because of
volatility. Trades hadn’t commenced as of 12:55 p.m.
Enlarge image
Zynga logo at the Nasdaq MarketSite. Photographer: Mark Lennihan/AP Photo
Enlarge image
Zynga Inc. employees at the company's new headquarters in San Francisco.
Photographer: David Paul Morris/Bloomberg
.
The delay happened as Nasdaq OMX Group Inc., its listing venue, said it was
having trouble delivering trade executions from Facebook Inc. (FB)’s
initial public offering. Customers of Fidessa Group Plc, which helps asset
managers track transactions, weren’t receiving confirmation of trades from
Nasdaq, according to a statement.
“It’s very odd,” Sam Ginzburg, a partner and head of capital markets at
First New York Securities LLC, a New York- based proprietary trading firm,
said in a phone interview about the delay in restarting Zynga. “Nasdaq is
dealing with its own thing in terms of getting executions back to the
Facebook people.”
Dani Dudeck, a Zynga spokeswoman, declined to comment.
Facebook shares were sold yesterday for $38 by underwriters. The stock
ranged between $45 and $38 today. Other Internet companies slumped. LinkedIn
Corp. (LNKD) slipped 1 percent to $103.94 while Groupon Inc. (GRPN) dropped
6.1 percent to $11.65.
The decline in Internet stocks shows “the fizzle of the hype,” Channing
Smith, who helps oversee about $1.1 billion at Capital Advisors in Tulsa,
Oklahoma, said in a phone interview. “The expectation is that Facebook will
come out and you will see a big rise in the share price. The earlier
reaction is disappointing. Investors are looking at other names and say
maybe there isn’t any much interest in this area than we thought.”
To contact the reporters on this story: Lu Wang in New York at [email protected]
bloomberg.net; Nikolaj Gammeltoft in New York at n*********[email protected]