This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Stocks to Watch: Zynga, GM, FedEx

NEW YORK -- Zynga (ZNGA - Get Report), the social games maker, is laying off 18% of its staff, or 520 employees, and closing its New York, Los Angeles and Dallas offices.

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



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG
ZNGA $2.77 0.00%
AIG $54.03 0.00%
DG $74.99 0.00%
FDX $164.59 0.00%
GM $37.31 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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