Zynga Shares Slammed|
Zynga Inc. (ZNGA) gaming firm shares were slammed by 39% into mid-afternoon
trading session on Thursday after investors were spooked by the disappointing
earnings report. A disappointing performance of its recently acquired "Draw
Something" mobile game in Q2, caused the company to miss analysts' estimates and
slash its forecast for the full year. Zynga makes video games for platforms such
as the Facebook Inc. (FB) social network and accounts for 15% total revenue base
in Q1 for Facebook. At the pace the share prices are moving, Zynga shares are
lower by nearly 70% from their IPO price in December 2011. Shares of Facebook
were lower by 7% into mid-afternoon trading. Facebook is set to report Q2
results after the close on Thursday.
All options on futures listed on ICE Futures U.S. will trade electronically
starting October 22, per exchange operator IntercontinentalExchange (ICE). In a
statement from the Exchange, "While the contracts will no longer trade through
open outcry, ICE Futures U.S. will continue to support access to the electronic
platform for Exchange-member brokers and proprietary traders from the floor
facility." ICE Futures U.S. had introduced electronic trading of options in
The Commerce Department reported Thursday that U.S. produced durable goods
orders rose 1.6% in June on stronger demand for airplanes and defense equipment,
striking a stronger than expected reading. From the previous estimate of a 1.3%
increase, orders in May were revised higher to a 1.6% gain. Details of the
report were weaker than the headline suggested with most categories of orders
coming in lower. Excluding defense goods, orders were down 0.7%. Excluding
transportation equipment, orders were down 1.1%. Shipments rose 0.1% in June
while inventories rose 0.3%. Orders for core capital goods fell 1.4% in the
month striking the second decline in the past three months.
The Labor Department said Thursday that the number of people who filed
applications for unemployment benefits fell by 35,000 last week to a seasonally
adjusted 353,000; marking the third straight week of sharp swings that reflects
the government's difficulty in assessing employment levels in the auto industry.
Auto manufacturers used to schedule brief shutdowns of plants every July to
retool for new models, but the size of temporary layoffs has varied widely since
the industry was bailed out several years ago which makes the jobless claims
report especially volatile during July and less useful in gauging labor-market
trends. A more accurate barometer of labor-market trends, the four-week claims
average, declined by 8,750 to 367,250,000. The four-week average reduces
seasonal volatility in the weekly data. Continuing claims decreased by 30,000 to
a seasonally adjusted 3.29 million in the week ended July 14. Nearly 6.0 million
people received some form of state or federal benefit in the week ended July 7,
up 280,405 from previous week.
National Association of Realtors on Thursday reported that pending home sales
slipped 1.4% in June, continuing a slate of more cautious readings from the
housing sector. Additionally, NAR reported that pending-home-sales index fell to
99.3 from a downwardly revised 100.7 in May after an initial reading of 101.1.
"Buyer interest remains strong but fewer home listings mean fewer contract
signing opportunities," said Lawrence Yun, chief economist of the NAR, who added
that delays in the foreclosure process also were holding up sales. Compared to
same period in 2011, pending home sales were up 9.5%, marking the 14th straight
month of year-on-year gains. A pending-home sale is when the contract has been
signed but the transaction has not closed, and an index of 100 is equal to the
average level of contract activity during 2001
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July 26, 2012