Facebook, Zynga and Micron: Tech Winners & Losers
NEW YORK (TheStreet) -- Shares of Facebook(FB) climbed a modest 0.76% to $31.84 on Thursday after Argus initiated coverage of the social-network operator, rating shares "hold." Argus remains uncertain how Facebook will monetize growth in mobile access.
"Management has begun to address questions regarding the efficacy of advertising on Facebook, though it is still unclear how it will monetize the fast growth in mobile access. In addition, although Facebook touts its 901 million members, we are reminded of past internet booms in which eyeballs did not translate into earnings," wrote analyst Joseph Bonner, in a note.
Facebook has rallied 17.49% in the past ten days.
Zynga(ZNGA) fell on Wednesday to $5.72, losing 2.89%. Earlier this week, Zynga announced that its newly acquired mobile game, Draw Something, will be turned into a television show.
On Wednesday, Amazon(AMZN) called on developers to start submitting apps for distribution in the UK, Germany, France, Italy and Spain "later this year." Shares of the online-retailer dropped 1.1%, reaching $220.57 on Thursday.
Analysts at Sterne Agee cut their price target of Micron Technology(MU) to $10 in light of weak pricing for memory chips and dampened retail demand, as noted in the company's third-quarter earnings report. Though the analysts' maintained their buy rating, shares of the semiconductor manufacturer sank 7.76% on Thursday to $5.64.
--Written by Nathalie Pierrepont in New York.
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