Today was Apple’s annual shareholder meeting, an occasion for CEO Tim Cook to spend some time kicking it with the folks who own their own little slices of the company. AllThingsD reports that, as you might expect, the subject of the company’s drooping stock (malingering at $449.13, far from last fall’s great Read More
Even a dorky-looking pair of Google Glasses won’t be able to hide the disdain on Google CEO Larry Page’s face today. Reuters reports that the company’s financial printers, RR Donnelley, accidentally filed a draft of the company’s Q3 earnings results to the SEC. “PENDING LARRY QUOTE,” reads a placeholder at the top, indicating that the results were filed accidentally, before Mr. Page had a chance to chime in and defend the 20 percent dive in net income.
Company earnings are typically filed before or after trading hours to reduce the immediate impact on stock prices. As of this writing, Google’s stock had dipped 9.03 percent, though it’s still hovering around $687.
In response to the accidental filing, Google said that RR Donnelley had filed the earnings without authorization. “We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30 PM PT,” the company said. Read More
It’s been almost four months since Facebook’s alarmingly botched IPO, and yet its specter still haunts the markets. On Friday, $FB stock closed at $18.06 a share, dropping a sharp 5.40 percent in a single day–the worst drop a tech company experienced that day. (Comparatively, Zynga–which has been widely panned for its parachuting stock–only dropped 3.11 percent.) To date, Facebook has lost $50 billion in market value since its IPO.
And yet, despite much talk of banks and underwriters and Facebook’s nascent leadership team, we’ve yet to pin down a real target for our IPO ire. Luckily, Dealbook’s Andrew Ross Sorkin thinks he’s found the likely culprit: Facebook CFO David Ebersman, whom you’ve probably never even heard of: Read More
Zynga just closed at 3.06 per share. The good news? That’s not an all-time low, as it dipped below $3.00 in July. However, it’s hovering at dismal levels, compared to the schadenfreude-inspiring state of Facebook (19.15).
But let’s put that in real dollars, shall we? A single share of Zynga is now worth fewer American greenbacks than a Shake Shack milkshake ($5.00), a Sunday New York Times (also $5.00) and the Metrocard cost of a trip to Coney Island and back ($4.50).
$3.00 isn’t going to get you much in the way of virtual items, either.
However, it is still possible to assemble a decent meal off the Wendy’s 99-cent value menu for less than the cost of a share of Zynga, provided that you are not very hungry.
There has been plenty of talk in recent weeks about internet IPOs and the danger of trying to ride that roller coaster. Many stocks saw a huge rise on their first day or week, followed by a steep fall.
But over at Fortune, Kevin Kelleher points out that this kind of swing in momentum seems to effect tech stocks well outside the bubble.
He notes that New York based OpenTable, which went public in May of 2009, enjoyed a great climb to $118 in April of 2011. But over the last eight months the company has lost 67 percent of its value, settling at a little under $40. Read More
The big news yesterday was a piece in the Wall Street Journal which reported that Zynga was demanding stock back from early employees in the run up to their public offering. Employees were being threatened with termination for refusing to rescind their equity.
The WSJ story stated that Zynga executives said they didn’t want a “Google chef” situation, referring to a cook who joined the search engine early on and had $20 million in stock after the IPO. Zynga CEO Mark Pincus released a memo later in the day which found its way into the hands of Fortune’s Dan Primack, that gave credence to this: Read More