Zynga IPO - for referenceResearch In Motion, Zynga highlight tech action
By Rex Crum
Last Update: 12/16/2011 10:15:43 AM
SAN FRANCISCO (MarketWatch) — Tech stocks looked to close the week outwith broad gains Friday, with Zynga Inc.’s impending initial publicoffering expected to command a great deal of investors’ attention.
But it was their negative reaction to Research In Motion Ltd.’s(RIMM)(RIM) latest quarterly disappointment that stood out on an otherwise upbeat day for the sector.
RIM shares fell by $1.55, or more than 10%, to $13.60 in the wake of thecompany’s late-Thursday results, in which the BlackBerry maker reportedsharp declines in third-quarter earnings and sales and gave a weakforecast for the final three months of fiscal 2012.
Zynga(ZNGA) raised $1 billion Thursday night when the online social-gamingcompany priced 100 million shares for sale at $10 each. Trading inZynga’s stock was expected to begin Friday morning.
Meanwhile, Adobe Systems Inc.(ADBE) saw its shares climb $2.28, or 8.6%, to $28.71 after the softwaredeveloper reported upbeat fourth-quarter results and gave an outlookthat pleased analysts.
Among other leading tech stocks, early gains came from Apple Inc.(AAPL), Google Inc.(GOOG) , Cisco Systems Inc.(CSCO) , Hewlett-Packard Co.(HPQ) and Intel Corp.(INTC) .
The Nasdaq Composite Index(COMP) rose 28 points to 2,569, while the Philadelphia Semiconductor Index(SOX) gained 1.4% and the Morgan Stanley High Tech 35 Index(MSH) added almost 1%.