Zynga (ZNGA) Looks Like Death
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Friday's IPO for Zynga, Inc. (Nasdaq: ZNGA) continues to look like death on a stick.
Since pricing at $10 per share, then opening at $11, it has been all downhill.
Shares of Zynga currently sit at $9.15, down 3.7%.
The large float is said to be to blame for the horrible stock action. The company sold 100 million shares in the offering. This was directly opposite to other highly anticipated Internet IPOs, which sold a minimum amount of shares.
Since pricing at $10 per share, then opening at $11, it has been all downhill.
Shares of Zynga currently sit at $9.15, down 3.7%.
The large float is said to be to blame for the horrible stock action. The company sold 100 million shares in the offering. This was directly opposite to other highly anticipated Internet IPOs, which sold a minimum amount of shares.
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