Zynga: Lucky No. 7?
Zynga Inc. (ZNGA) pulls a Hail Mary pass and traders pushed up shares of its stock on Vegas like dreams. That's right, Zynga wants be a legal online website for gamling. Role the dice investors.
Zynga (ZNGA) filed paperwork in Nevada this past week to onbtain a license to do real gaming in the United States of America. Who knows if this will work and the process could take 18 to 20 months.
Online gambling is a big leap of faith and shot in the dark. It smells like desperation from the company as the FarmVille money pool slowly dries up. Since its IPO last year Zynga has lost more than 73% of its market cap. I'm sure this latest venture into wanna-be gambling will work out (we are not serious).
Bottom line: If you plan to trade ZNGA you have to expect volatility and please don't risk your life savings on the stock.
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