This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Zynga, Facebook, Cisco, Apple: Tech Premarket

Stocks in this article: ZNGA FB CSCO AAPL

NEW YORK ( TheStreet) -- Zynga (ZNGA) was the biggest loser in premarket trading on Friday after the company missed third-quarter earnings and lowered its 2012 outlook again.

Late on Thursday, the social gamer announced preliminary third-quarter revenue between $300 million and $305 million. Excluding items, the company expects a result between breakeven and a loss of 1 cent a share.

Analysts surveyed by Thomson Reuters were looking for the Facebook (FB) partner to report break-even earnings on $275.9 million in revenue for the third-quarter.

For the full year, Zynga projected bookings between $1.085 billion and $1.1 billion, down from its previous range of $1.15 billion and $1.225 billion. Adjusted EBITDA is expected to in the $147 million to $162 million range, down from a previous forecast of $180 million to $250 million.

"The third quarter of 2012 continued to be challenging and, while many of our games performed to plan, as a whole we did not execute to our satisfaction," wrote Zynga CEO Mark Pincus, in a statement released after market close. "We're addressing these near-term challenges by implementing targeted cost reductions in the fourth quarter and rationalizing our product R&D pipeline to reflect our strategic priorities."

Investors responded negatively to the numbers, driving Zynga's shares down 22.2% to $2.19 in premarket trading. The developer of games such as FarmVille and Mafia Wars was also the most active premarket Nasdaq stock on share volume of 1,981,306.

Zynga's preliminary numbers also weighed on Facebook during premarket trading on Friday, pushing the social networker's shares down 2.86% to $21.32. The Menlo Park, Calif.-based firm was another active premarket Nasdaq stock on share volume of 318,305.

Shares of Cisco (CSCO), which announced promotions for two key executives late on Thursday, rose 0.24% to $18.94 before market open on Friday.

Gary Moore, the company's chief operating officer, now becomes president and COO while Rob Lloyd, the company's former executive vice president of worldwide operations, becomes president, development and sales. Both executives are seen as possible successors to Cisco's high-profile CEO, John Chambers.

In his new role, Lloyd assumes responsibility for all Cisco's development and sales efforts. Chuck Robbins, who previously ran Cisco's Americas sales region, has stepped into Lloyd's prior role as the company's head of worldwide sales

Apple (AAPL) shares dipped 0.27% to $665.02.

--Written by James Rogers in New York.

>To submit a news tip, send an email to:

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs