Shares of Zynga Inc. (NASDAQ: ZNGA) plunged about 4.65% by afternoon trade. Morgan Stanley’s analyst Scott Devitt downgraded the social game maker’s stock to “underweight” from “overweight”. The research reports said that the popularity of its titles such as “FarmVille” “Poker” was fading fast as the competition was rising, adding that Zynga still relies far too heavily on Facebook Inc (NASDAQ: FB) to attract gamers. The research report said that company’s transition towards mobile gaming business will take some more time. Devitt thinks that Zynga might also slash more jobs in the futures, citing that it still employs more than required staff, which is weighing on EBITDA margin, the report added.
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