These Stocks are Tanking: Afternoon Buzzers
Stock futures were mixed in the afternoon. Individual stock losses and a new record high for unemployment in the euro zone are weighing against hopes that fiscal cliff discussions will enter the weekend on a positive note.
S&P: -0.06%, Nasdaq: +0.05%, Dow: +0.07% at 8:30 AM.
Here’s What’s Buzzing on Wall Street:
Just Another Friend: Social game developer Zynga (NASDAQ:ZNGA) filed a document with the SEC detailing a change in its relationship with Facebook (NASDAQ:FB). The new arrangement brings Zynga game pages under the umbrella of Facebook’s standard terms of service, removing Zynga’s ability to cross-promote non-Facebook games through the platform. However, games on Zynga.com are no longer required to use Facebook ad units and credits. Shares of Zynga were off as much as 7.26 percent in the afternoon while Facebook moved fractionally downward.
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Groupon (NASDAQ:GRPN) CEO Lives to Fight Another Day: Andrew Mason will not be replaced as the CEO of struggling daily-deals platform Groupon, despite torrents of speculation that the company’s board of directors was looking to pull in someone more experienced. Shares were off as much as 8.92 percent today afternoon.
Yum! Brands (NYSE:YUM) Loses Its Flavor: Shares for the parent company of KFC, Pizza Hut, and Taco Bell were off as much as 8.98 percent today afternoon after forecasting weaker-than-expected earnings growth for next year. The company is expecting just 10 percent earnings growth against 14 percent expected by analysts.
Breaking the afternoon trend, Advanced Micro Devices (NYSE:AMD) added to Thursday’s gains by climbing as much as 4.90 percent today. News that it plans to sell its campus in Austin, Texas, is pushing the stock higher despite concerns that high inventory levels will weigh on operations.
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