Zynga, FaceBook, HP: Tech Winners & Losers
Correction: Monster Worldwide's second-quarter revenue was $237 million and its third-quarter bookings guidance was down 10% to flat.
Twenty-one fund managers from Fidelity Investments dumped 1.9 million Facebook shares in June, with 16 of them selling over a quarter of their holdings, according to a report in The Wall Street Journal. Facebook shares fell 3.69% to $20.16 on Thursday.
Zynga, which generates a significant portion of its revenue through Facebook, reached a record low of $2.73 on Thursday, down 2.84%. Law firms Pomerantz Haudek Grossman & Gross LLP and Izard Nobel LLP filed class action lawsuits against Zynga for violating the federal securities laws, on Thursday.
Shares of Monster Worldwide(MWW) were down 15.69% to $6.00 on Thursday after forecasting a weak third quarter. Despite the 14% year-over-year increase in North America bookings, the employment solutions company generated earnings of 6 cents per share on revenue of $237 million, in the second quarter ended June 30, 2012.
Citing "continued global economic weakness, particularly in Europe," Monster Worldwide expects third-quarter bookings to drop by 10% to flat from last year, driving revenue down 6% to 12% from third quarter 2011. Third-quarter earnings are expected to be in the range of $0.02 to $0.07 per share. Analysts polled by Thomson Reuters expect 9 cents of earnings on revenue of $244.74 million.
HP(HPQ) was a rare bright spot amongst tech stocks on Thursday, up 0.74% to $17.79. Yesterday, the software giant announced the appointment of Ramón Baez as Global Chief Information Officer. Baez was previously Chief Information Officer at Kimberly-Clark(KMB) .
HP also settled the ongoing litigation with Oracle(ORCL) regarding the Intel Itanium platform on Wednesday.