What’s Moving These Hot Stocks: Morgan Stanley, Dendreon, Sprint, Zynga
Morgan Stanley (NYSE:MS): New York Federal Reserve Bank President William Dudley praises the Fed’s recent innovation, its 2 percent inflation target, and calls it ‘an example of the kind of steps policymakers globally should take to increase cross-border coordination and stabilize the economy’, according to Reuters. Although Dudley was not referring to domestic monetary policy, he cited the inflation target as proof that it will take actions such as buying bonds only when it’s consistent with its own policy goals.
Dendreon Corp. (NASDAQ:DNDN) shares are downgraded to Market Perform by Leerink Swann as it acts on the firm’s first quarter results from Monday, that were mixed in nature. Dendron pointed out Provenge’s disappointing growth and increasing competition as cause for the weak report.
Sprint Nextel Corp. (NYSE:S) CEO Dan Hesse’s re-election to the board is being opposed by the Ontario Teachers’ Pension Plan, which is a major shareholder. The group cites the CEO’s compensation as the problem, which it says is excessive given Sprint’s under performance during his time in the position, according to the Wall Street Journal.
Zynga, Inc. (NASDAQ:ZNGA): Rovio Entertainment claims that its finances are now sufficiently strong to be listed in a stock market, and is thus readying an initial public offering in 2013 in either New York or in Hong Kong, says Reuters. The company says that its sales last year jumped to $100 million, and analysts calculate Rovio’s value to as much as $9 billion. Meanwhile, it intends to introduce several more titles in 2012, including one that will be non-Angry Birds.
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