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Glu Jumps, Apple Axed: Tech Winners & Losers

(Updates from 1:59 p.m. ET with closing price information.)

NEW YORK ( TheStreet) -- Glu Mobile (GLUU - Get Report) shares soared 20.24% to $2.91 after the social gaming company announced its first entry into real world gambling.

The San Francisco-based firm partnered with Probability to bring elements of Glu's popular Samurai vs. Zombies Defense to a gambling product.

"We are pleased to expand our mobile portfolio to include real-money gambling. We anticipate that real-money gambling will continue to gain momentum globally and believe that with this offering, Glu is well positioned to capitalize to the extent that additional markets adjust regulations," said Niccolo de Masi, Glu Mobile's CEO in the press release. "We plan to leverage Probability's extensive partner network to further extend Glu`s successful original IP to new demographics."

Conversely, Zynga (ZNGA - Get Report) shares fell 4.76% to $3.74 as traders take profits on the other major social gaming company.

Shares of Zynga have surged this year, gaining 58.9%, lifted by hopes of an online gambling in the United States. In recent weeks, both Nevada and New Jersey have approved online gambling laws.

There's also been some recent speculation that Zynga would be acquired by Yahoo! (YHOO), something TheStreet first mentioned as a possibility last week.

Apple (AAPL - Get Report) shares fell 1.46% to $431.48 after Jefferies analyst Peter Misek cut his earnings estimates on the technology giant.

Due to weak Asian supply checks and sell-through checks, Misek slashed fiscal second-quarter earnings estimates, and believes the likelihood of Apple missing guidance (25% probability) for its third quarter is higher than normal, given the state of the company right now. Misek cut his numbers for the quarter ending in March, as he now sees Apple earning $9.52 a share on $41.34 billion in revenue, down from $10.04 a share and $42.69 billion in sales. The Wall Street consensus from Thomson Reuters calls for earnings of $10.21 a share on $42.89 billion in sales.

"Our checks indicate Apple's suppliers are having problems with the new casing colors leading to a push out from Jun to Jul-Sep after Apple hoped to pull forward the update," Misek wrote in his note.

Closing prices: GLUU ended Tuesday up 16.9%, or 41 cents, to $2.83; ZNGA fell 5.1%, or 20 cents, to $3.73 and AAPL was lower by 2.2%, or $9.44, to $428.43.

-- Written by Chris Ciaccia in New York

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