Late Radar: Zynga STUMBLES Further, Dell Announces PRIZE
After closing more than 10 percent lower on Tuesday, shares of Zynga Inc. (NASDAQ:ZNGA) continued to edge lower in late trading. Analyst Doug Creutz from Cowen & Company said that the company’s daily active users dropped 8.2 percent in May, representing the second consecutive month of significant declines.
Apple Inc. (NASDAQ:AAPL) shares gained in extended trading as investors digest the company’s recent announcements at the Worldwide Developers Conference. Apple launched a resolutionary MacBook line with Retina display. The company also introduced OS X Mountain Lion and iOS 6. A news app will also challenge Google Inc.’s (NASDAQ:GOOG) map feature.
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Dell Inc. (NASDAQ:DELL) shares jumped 3 percent after the closing bell. The company announced it is issuing a quarterly dividend of 8 cents per share. The amount equates to a yield of roughly 2.7 percent. “Our efforts to streamline our operations and shift the mix of our business over the past several years have resulted in sustainably strong cash flow from operations, enabling us to increase the percentage of capital we’ve allocated to research and development, capital expenditures and acquisitions while maintaining an ongoing share repurchase program,” Dell’s CFO Brian Gladden said.
J.C. Penney Co. (NYSE:JCP) shares popped 2.19 percent in late trading. Bill Ackman’s Pershing Square’s just released its quarterly letter that said, “When we first announced our stake in JCP, the stock price increased to the low $30s per share. Shortly after announcing our stake, we were approached by one of the most well-respected private equity funds in the world who expressed an interest in acquiring the company at a substantial premium. while we welcomed this fund as an owner of the stock, we had no interest in selling the company for a quick premium because we believe in the long-term value creation opportunity.”
General Electric Co. (NYSE:GE) was one of the top performers in the Dow today, gaining nearly 2 percent. The company reported that it has obtained an order for 3.25M/~$5M from General Dynamics (NYSE:GD) UK for subsystems necessary for the Demonstration Phase for the Scout Specialist Vehicle family of platforms for the British Army (General Dynamics UK is presently on contract for this).
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