Zynga stock pummeled in second day of trading (updated)
Social games company Zynga’s stock ended its second day of trading on the Nasdaq exchange down nearly 5 percent, a signal of turbulent times ahead for the value of the company.
Zynga’s stock closed on Friday at $9.50 a share, down 50 cents from its IPO price of $10 a share. The weak performance came after a strange combination of hype and criticism for the gaming company, which raised $1 billion at an $8.9 billion … Continue Reading
Zynga’s stock rises in early trading (and then falls)
Zynga’s stock price rose as high as 15 percent in early trading on Nasdaq as the company went public at $10 a share.
[Update: at 12:10 pm Eastern time, Zynga's stock has fallen to $9.88 a share]
Raising at least $1 billion, Zynga’s debut on the stock market is the biggest tech IPO in the U.S. since Google went public in 2004 and the biggest IPO in the history of the game industry. … Continue Reading
Angie’s List posts $13 IPO share price, as offering window creaks open
As the tech IPO window creaks open, contractor reviewing site Angie’s List has announced a $13 opening share price for a planned initial public offering later this month.
Evelyn Rusli of The New York Times reports that the company plans to raise approximately $114.3 million by issuing 8.79 million shares, with underwriters Bank of America Merrill Lynch keeping open the option of adding an additional 1.3 million shares, if the initial flotation is oversubscribed.
Angie’s … Continue Reading
Groupon closes at $26 per share, down from $30 peak but above $20 start
Groupon (GRPN), the popular daily deal company, saw brisk trading on its first day of public trading, peaking at $30 per share and closing the day at $26 per share.
That puts the company’s market value at $16.5 billion. Market value is the value of a company’s total number of shares — equal to the total number of shares multiplied by share price.
Overall, the share price increased 30.5 percent from an opening price of … Continue Reading
Apple shares close at all time high on day of iPhone 4S launch
Apple shares rose 3.3 percent today to close at $422 a share, an all-time high for the company.
As fans flocked to Apple stores and waited in long lines to buy the iPhone 4S today, Apple’s market capitalization closed at $391 billion, allowing it to soar past Exxon, once again, as the world’s most valuable public company.
Apple’s share price is now up 19 percent from the low it hit after the iPhone 4S was … Continue Reading
Record number of IPO delays could spell trouble for Groupon, Zynga
A record number of companies delayed their initial public offerings this week in the wake of market upsets.
Following agency Standard & Poor’s downgrading of the U.S. credit rating from AAA to AA (and the subsequent stock market slide), many companies were reluctant to sell their wares on the public market.
As a result, around 83% of this week’s scheduled IPOs — between 9 and 13 events, depending on which sources you consult — were … Continue Reading
Stronger-than-expected Cisco performance helps lead stock market rally
Better-than-expected fourth quarter fiscal earnings help pump up Cisco’s share price on Thursday and — along with a promising jobs report — helped bolster the entire market during a wild roller-coaster week. The Nasdaq ended the day up 4.7 percent while the S&P 500 closed ahead by 4.6 percent.
Cisco shares rose nearly 16 percent today after the company reported fiscal fourth-quarter results that were slightly higher than analyst estimates. The company reported profits of … Continue Reading
Stocks move back up on hopes of Fed action
Stocks made a comeback this morning after huge slides on Friday and Monday. Traders appear to be anticipating good news from the Federal Reserve’s policy statement today.
The Nasdaq is up 3.57 percent to 2441.75 and the S&P 500 is up 2.69 percent to 1149.60, while the Dow is up 1.96 percent to 11022.22. That’s a lot of upward movement on a sliver of news, but it at least shows that greed is starting to … Continue Reading
Asian markets take a dive as panic spreads
The world financial markets continued to tumble early Tuesday morning, as stock markets in Asia opened sharply lower.
South Korea’s market fell 5.2 percent, while Hong Kong’s main market index was down 6 percent. The Nikkei 225 Inex in Japan was down 2.7 percent. Taiwan, Australia and Indonesia also fell. If stocks keep falling around the world, that could undermine the confidence that is crucial to any recovery in the U.S. and in tech stocks.… Continue Reading
How a market downturn could change Groupon’s IPO
Like other upcoming public offerings, Groupon’s now has a big shadow hanging over it.
With the NASDAQ composite index down nearly seven percent for the day in response to the U.S. government’s credit score downgrade, most tech stocks have been sent into a tailspin — especially those that recently filed an IPO.
Such news brings more speculation that group coupon deals startup Groupon could have a less than stellar entrance into the market.
The startup … Continue Reading
Reader poll: Which pundit best summed up the stock market slide?
The pundits were out in force today as they described the big drop in the stock market. Which quote was your favorite?
“Markets will rise and fall, but this is the United States of America,” Barack Obama said. “No matter what some agency may say, we’ve always been and always will be a triple-A country.”
“Any company with an IPO planned for this week will probably pull it,” said Dow Jones Investment Banking deputy managing … Continue Reading
Markets close with many tech stocks taking a huge beating
As the New York Stock Exchange saw major indices plummeting by five or six percent today, tech stocks dropped even further than many of their non-tech counterparts. The picture is especially clear if you look at the stock price changes since the market slide started August 4.
Predictably, the stocks that took some of the the biggest nosedives were tech companies that only recently went public.
In looking at stock tickers’ movement over the past … Continue Reading
Will Zynga still try to go public?
In the game industry, all eyes will fall to Zynga and whether or not it will still go public in the face of the big stock market collapse.
If the economic headwinds continue to get worse, that will make it hard for any company to pull off an initial public offering. After the financial collapse of the fall of 2008, IPOs dried up. The same could happen here if the stock market can’t pull out … Continue Reading
Market hits enterprise companies, but their prospects remain good
On a damaging day for the U.S. stock market, enterprise-focused stocks got hammered just like everything else. But their prospects during a downturn are better than most, according to analysts contacted by VentureBeat.
At the end of trading Monday, the Nasdaq was down nearly 7 percent for the day, after U.S. debt rating was downgraded to AA+ by Standard & Poor’s at the end of last week.
At the end of trading, many enterprise-focused stocks … Continue Reading
Silicon Valley VC Tim Draper: “U.S. just dropped a notch”
The biggest question on every mind in Silicon Valley relates to our collective worst nightmare: Could a macroeconomic collapse trigger another dotcom-esque bust?
For at least one VC, Draper Fisher Jurvetson partner Tim Draper, the market for U.S. startups just got noticeably chillier.
“In investing in start-ups globally, we at Draper Fisher Jurvetson try to view governments as competitors for our capital and for the great entrepreneurs of the world,” Draper told VentureBeat.
“Countries with … Continue Reading
Market tantrum scares cleantech investors
Cleantech companies might not be feeling the sting of today’s market frenzy any worse than the rest of the pack. But for those companies, which typically require massive capital investments, a sustained downturn could crunch down on the sector’s badly-needed cash flow.
A number of prominent investors and sector analysts painted a gloomy picture when contacted by VentureBeat, citing cleantech’s more intense up-front costs.
The NASDAQ composite index fell nearly 7 percent for the day. … Continue Reading
Obama seeks to calm stock market in wake of debt-rating downgrade
U.S. President Barack Obama took to the airwaves today to try to calm a stock market set in turmoil by after market analysis firm Standard & Poor’s downgraded the U.S.’s debt rating to AA+ from AAA.
Obama said that he was aware of the challenges facing the economy and the skepticism in the market about whether the country’s debt problems will be solved.
“We have always been a triple-A country and always will be,” Obama … Continue Reading
Updated: Fresh IPOs stumble amid market tantrum. Is the IPO window closed?
It’s day two of complete market mayhem. Has the chaos closed the window for companies looking to file for an initial public offering?
As of market close, the NASDAQ composite index was down nearly 7 percent for the day. This comes on the first day of trading after market analysis firm Standard & Poor’s downgraded the U.S.’s debt rating, implying that the country is slightly less trustworthy as an investment.
That has sent major tech … Continue Reading
What will happen to tech stocks on Monday?
Update: As of 7:51 am PST, the Dow is down 2.62 percent and the Nasdaq is own 3.31 percent.
When the stock market opening bell tolls on Monday, much of the technology industry will be paying attention. This weekend has seen some dramatic events that could swing the stock market in wild directions in the coming days and weeks.
As we noted on Friday, the stock market is in a bloodbath, with the tech-loaded Nasdaq … Continue Reading
LinkedIn spurns NASDAQ, lists with NYSE
Could this be the end of an era?
LinkedIn, one of the highest-profile tech initial public offerings this year, indicated today that it will list its shares on the New York Stock Exchange (NYSE) rather than the NASDAQ stock exchange, according to an updated version of its S-1 filing with the Securities and Exchange Commission.
The NYSE has dueled with the NASDAQ stock market to attract high-profile tech IPOs, but it’s traditionally been a losing … Continue Reading
