Zynga Inc (ZNGA) Down 5 Percent As King Digital Gears Up For IPO

Zynga Inc (ZNGA) Down 5 Percent As King Digital Gears Up For IPO

Zynga Inc (NASDAQ:ZNGA) shares were down about 5% on Monday with 34.4 million or so shares traded making the game maker one of the biggest losers on NASDAQ. The shares suffered a decline not because of anything done or said by Zynga, but most likely due to the news related to a close rival.

Zynga down due to rival

Zynga Inc (NASDAQ:ZNGA) shares were down on the news that King Digital, developer of the popular title Candy Crush, will file for its IPO this week. King Digital is believed to offer 15.5 million shares at a price between $21 and $24 a share.  If the shares are offered at the upper end of the range, the company will be valued at $7.6 billion, which is almost twice the market capitalization of Zynga at $4.11 billion, according to Market Watch

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At 11.21 am EDT, Zynga Inc (NASDAQ:ZNGA) shares were up 5.11% to $4.94.

Other big losers

Twitter Inc (NYSE:TWTR) shares were down 4.22% on Monday with only 12.3 million shares traded making the stock as one of the biggest decliners on the NYSE. There was no precise reason for the decline, but it is believed that an article from Motley Fool this past Friday over the slowdown in user base growth might have triggered the decline.  At 11:21 a.m. EDT, Twitter shares were down 0.55% to $48.50.

Another hot stock, Tesla Motors Inc (NASDAQ:TSLA), was down almost 4% on Monday with 11.3 million shares traded. The share was one of the most active stocks on the NASDAQ. The shares were down owing to a recent ruling from New Jersey that requires all car makers to sell through a dealership. Tesla, which presently sells directly to customers, will have to sell through dealership or close down its stores in New Jersey. At 11:21 a.m. EDT, Tesla shares were up 0.74% to $221.83

One of the biggest decliners on Monday was Aastrom Biosciences Inc (NASDAQ:ASTM), down 21.73%. Compared to an average of about 300,000 shares it was traded over 2 million shares. Earlier this month, the company announced that Nick Colangelo, President and CEO of Aastrom, will make an appearance at the 2014 Regen Med Investor Day on March 26. At 11:21 a.m. EDT, Aastrom shares were down 6.91% to $4.69.

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