Tech Stocks mixed, Yahoo Leads (NOK, ULTI, ZNGA, YHOO, ACOM)
Nokia Corporation (ADR) (NYSE:NOK) declined 4.84% to $3.04 on a thickly traded volume of 21.35 million shares. The Shuman Law Firm has filed a class action in the United States District Court for the Southern District of New York on behalf of purchasers of Nokia Corporation during the period between October 26, 2011 and April 10, 2012.
SocGen’s Andy Perkins cuts his rating on Nokia to “sell” from “hold” and slashes his price target to €1.80 from €3, saying that plunging handset sales, large operating losses and restructuring costs will burn into its cash pile, and “even bring into question Nokia’s very survival.”
The Ultimate Software Group Inc (NASDAQ:ULTI) surged up 4.36% to $78.80 on a traded volume of 204k shares. Goldman Sachs increased the rating on the stock from sell to buy in a research note. The price target is set at $65.00 on the stock. The Company will present at the 11th Annual JMP Securities Research Conference on May 16, 2012
Zynga Inc (NASDAQ:ZNGA) jumped up 5.41% to $7.89. Citigroup initiated coverage on the stock with a buy rating. According to court documents, the Company blamed French game publisher Kobojo of trademark violation. Zynga has filed in federal court in San Francisco.
The company has acquired mobile casual games startup Wild Needle, best known for the iOS title Shoptown Hero. Financial terms were not disclosed.
Yahoo! Inc (NASDAQ:YHOO) soared 2.40% to $15.56. The stock is up after the resignation of Chief Executive Scott Thompson due to controversy over his academic record. Ross Levinsohn will become interim CEO. It is also giving three board seats to the activist hedge fund headed by Daniel Loeb.
The Company announced Genome. This is an online advertising solution that combines data of Yahoo with the third party data and advertisers’ first party data along with a premium media footprint.
Ancestry.com Inc (NASDAQ:ACOM) plunged 15.14% to $22.19 on a traded volume of 2.22 million shares. The stock went down after the U.S. network NBC decided not to renew the Company’s TV show for a fourth season.