One of Zynga's designers tweeted that Zynga LA is being shut down with about 55 people being fired. Zynga is cutting the jobs to save as much as $80 million in costs.
"The work force reduction will occur across all functions and is expected to be substantially complete by August 2013," the company noted in a press release on Monda. Zynga said it will take a pretax charge of $24 million to $26 million in the second quarter, and $2 million to $5 million in the third quarter.
The San Francisco-based Zynga has had a rough go of it in recent months, struggling to earn a profit on the shift to mobile from desktop.Ba-Zynga: Social Gamer Tumbles Amid Layoffs
General Motors (GM - Get Report) is being added to the S&P 500 and S&P 100, while AIG (AIG - Get Report) is being added to the S&P 100. Automaker GM is replacing H. J. Heinz (HNZ) in the S&P 100 and 500 indices on Thursday. Heinz is being acquired by 3G Capital and Berkshire Hathaway (BRK.A). AIG, the giant insurer, is replacing Baker Hughes (BHI) on the S&P 100. S&P Baker Hughes will remain in the S&P 500. Cramer Quick Take: Wait on Buying Auto Stocks
FedEx (FDX - Get Report) recently took a $100 million charge for retiring some of its aircraft and said it will record $74 million in additional charges in its next fiscal year because it is speeding up retirement of other planes. The shipping giant also raised its quarterly dividend to 15 cents a share from 14 cents.
Dollar General (DG - Get Report) is forecast by analysts to report on Tuesday first-quarter profit of 71 cents a share on revenue of $4.24 billion.
Mattress Firm Holding (MFRM) is forecast to report first-quarter earnings of 36 cents a share on sales of $274.4 million. 5 Hated Earnings Stocks That Deserve Your Love
-- Written by Joseph Woelfel
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