Facebook, Zynga, Sirius: Tech Winners & Losers
NEW YORK (TheStreet) -- Facebook (FB) shares closed down 2.96% at $26.90 after Alliance Bernstein Research Analyst Carlos Kirjner initiated coverage of the stock with an "underperform" rating on Monday.
Investors' uncertainty about the company's potential to maximize the value of social advertising and its ability to launch new business ventures will cause the stock to lag, analysts predict.
Zynga (ZNGA), which shares a portion of its revenue with Facebook, closed down 4.99% at $5.71 a share on Monday. Gaming retailers will place their orders for the 2012 holiday season at the annual Electronic Entertainment Expo in Los Angeles this week.
Reseach in Motion (RIMM) was another big tech loser. Just a few days after embattled CEO Thorsten Heins announced that the company is going through a "significant transformation," RIM's shares dropped 5.85% to $9.66. RIM's share price has not slipped below $10 since late 2004.
Satellite radio giant Sirius XM (SIRI) climbed 3.26% to close at $1.90 on Monday, which is 4.4% higher than the beginning of the year. Shares of its majority shareholder, Liberty Media (LMCA), declined by 0.45% today, but is up 5.02% from the beginning of 2012. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
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