Unusual Stock Move of the Day: Zynga (ZNGA)
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Today's weird stock move goes to Zynga (Nasdaq: ZNGA).
Late Monday, Amazon.com (Nasdaq: AMZN) launched its first social game in Living Classics. According to Amazon, in the game "a family of foxes have wandered into vibrant, animated illustrations from their favorite books including Alice in Wonderland, The Wizard of Oz, and King Arthur. Players help to reunite the foxes by exploring beautifully illustrated scenes and spotting moving objects. You can visit friends, share rewards you’ve earned, rediscover famous stories, and reunite fox families."
They had us at "reunite fox families," which, coincidentally, sounds like a secret password used to get into an exclusive Hong Kong nightclub.
Anyway, many speculated that Amazon's move would harm Zynga, which has been ailing following Facebook's (Nasdaq: FB) quarterly report as well as its own dour Q2 results and outlook.
That's not the case though. Shares of Zynga are up about 3.7 percent on the session, on top of an 8 percent move Monday. Maybe traders are hoping Amazon will spur more interest in social gaming?
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Late Monday, Amazon.com (Nasdaq: AMZN) launched its first social game in Living Classics. According to Amazon, in the game "a family of foxes have wandered into vibrant, animated illustrations from their favorite books including Alice in Wonderland, The Wizard of Oz, and King Arthur. Players help to reunite the foxes by exploring beautifully illustrated scenes and spotting moving objects. You can visit friends, share rewards you’ve earned, rediscover famous stories, and reunite fox families."
They had us at "reunite fox families," which, coincidentally, sounds like a secret password used to get into an exclusive Hong Kong nightclub.
Anyway, many speculated that Amazon's move would harm Zynga, which has been ailing following Facebook's (Nasdaq: FB) quarterly report as well as its own dour Q2 results and outlook.
That's not the case though. Shares of Zynga are up about 3.7 percent on the session, on top of an 8 percent move Monday. Maybe traders are hoping Amazon will spur more interest in social gaming?
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