Facebook, Ericsson, Zynga: Tech Premarket
NEW YORK (TheStreet) -- Facebook(FB) was a big tech loser before market open, falling 1.96% to $32.45 as the company emerges from its post-IPO quiet period.
Wednesday marks the end of the 40-day quiet period, which means that the IPO underwriters are now initiating coverage of the social networker, prompting a slew of research notes . J.P. Morgan, for example, initiated coverage of the social networker with an overweight rating and a year-end 2013 price target of $45. Goldman Sachs initiated its Facebook coverage with a buy rating and a $42, 12-month price target.
Citigroup, however, kicked off its Facebook coverage with a neutral rating and a $35 rating.
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Facebook was also one of the most active Nasdaq stocks in premarket trading on share volume of 594,229.
Shares of the Menlo Park, Calif.-based firm closed up 3.24% during Tuesday's trading.
Telecommunications equipment provider Ericsson(ERIC) was a gainer in premarket trading, rising 0.35% to $8.66. The Swedish company was the most active pre-arket stock on heavy share volume of 1.5 million.
Social media specialist Zynga(ZNGA) crept up 0.43% to $5.79, rebounding slightly after shares plummeted almost 5% during Tuesday's trading. Investors were unimpressed by the company's announcement of new games and a new social network at its "Unleashed" event on Tuesday.
--Written by James Rogers in New York.
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