Tuesday, December 13, 2011

Market Montage Officially Launches Tomorrow

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Dear readers,

After a long period of introspection (nearly 3 minutes) I've decided to follow the ideology of the boxing world and come out of retirement.

I shall continue my career in prose at MarketMontage.com beginning tomorrow.  Hope to see some of you there. :)

Goodbye and Goodnight Fund My Mutual Fund

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With post #8286 I am officially retiring  (see the post at 3:40PM before you panic).

This blog started Aug 6, 2007 with a few test posts and Aug 7 the real thing began to an audience of.... errr... 3 or 4. I might be over estimating. :)  Of course at the time, I had no idea we were about to embark on one of the most mind melting and audacious economic (and market) periods in history.  In retrospect it was a good time to start a market blog.  Thankfully I made some pretty good "Roubini" like calls back in the early days (before he became a well known name)  [See Economic Forecasts/Track Record] so that, along with the concept of the site, seemed to appear to draw in a decent sized crowd for a "no name" dude.

Some 3.6 million+ page views later...here we are.

Some of you veteran readers of FMMF may remember the super fashionable green + purple template this site had the first year and a half or so.  I believe that caused a few regulars to develop eye problems, so thankfully a good reader helped bring us to this more sensible color arrangement.

Obviously, this blog was created for a reason - and quite an outrageous one when you think about it.  But as our former president famously said....





I don't think anyone who does not run a blog understands the work that goes into it - this site often has seen 6-8 posts a weekday, 52 weeks a year.  And for every 1 post on the site, often 5-10 articles are read - so as to pass along interesting information via internet osmosis.  Thankfully there was always an ultimate goal and light at the end of the tunnel to be reached, which was a motivating force some of these long days.

A big thanks out to all the readers, and those who posted comments all these years.  I found out very early that if you were lazy in your work there would be very smart people out in the interwebs who would call you out on it, so in many ways this website helped me expand my knowledge base and trading tactics.   But the comments section was definitely among the most fun I had here, since it allowed me to "meet" many people - from all over the world.

So with that, I bid you farewell after nearly 4.5 years.... as I move on to the next chapter in life.

EDIT: perhaps some of the sarcasm was not apparent - see the post at 3:40 PM for the next venture. :)

Nothing Much from the Fed Other than a Few Words Changed

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Carry on...

Most importantly a few hawks exit stage right in 2012, and more Yellen and Bernanke types will enter.  Also with the 'inflation is easing' commentary they take care of any issues with those who claim there should be a break from even easier money due to potential inflation pressures.

  • The Federal Reserve on Tuesday left monetary policy on hold but said financial market turbulence posed threats to economic growth, leaving the door open to further easing next year.  The Fed characterized the economy as expanding moderately despite an apparent slowing in global growth, though it added that unemployment remains elevated and housing activity depressed. "Strains in global financial markets continue to pose significant downside risks to the economic outlook," the central bank said in its post meeting statement.
  • Offering no new guidance on its evolving communications policy, the Fed repeated that it expects inflation to settle at levels at or below those consistent with its price stability mandate.  (key word "below")
Markets have sold off a tad thus far.

We're now at 3 years of "the zero bound" in rates - many more years ahead in my opinion.

Can you believe a year and a half ago the Fed was actually considering shrinking the balance sheet?

Bed time reading full report here.

[Videos] Howard Davidowitz Grumpy as Usual

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As we await the first Fed meeting in a while that no major policy easing or language change should occur, we bring one of FMMF's favorite grumpy eccentric uncles - Howard Davidowitz.  At this point, some of what he is saying is purely for entertainment purposes although there is some underlying reality in much of it.  For those who don't know, Davidowitz plys his trade as a retail analyst so maybe you will take more from the first video than the second, although both provide ear candy. ;)  Warning - he is a tad partisan. :)

Howard Davidowitz: Consumers In TERRIBLE Shape and “It’s Going to Get Worse”

6 minute video - email readers will need to come to site to view 


Weak data on November retail sales and an earnings miss from Best Buy on Tuesday poured ice-cold water on the whole "strong holiday shopping season" meme.
All the upbeat commentary about Black Friday, Cyber Monday and the like was always specious, according to Howard Davidowitz, CEO of Davidowitz and Associates. Like Barry Ritholtz, Davidowitz says Black Friday data, particularly, can't be trusted and is annually hyped by the retail industry to encourage consumers to get out and spend
In his own inimitable style, Davidowitz explains why the consumer is in "terrible shape" and why "it's going to get worse," citing the following:
  • Crushing Debt Load: Consumer debt is 117% of disposable income.
  • Help Not Wanted: Even November's "strong" report included more people dropping out of the labor pool (315,000) vs. those who found work (278,000), according to the Labor Department's household survey.
  • Reverse Wealth Effect: Household net worth fell 4% in the third quarter, a drop of $2.4 trillion, according to the Fed. That's the biggest drop since 2008 and would be hard to overcome even if wages were rising sharply, which they're most certainly not.
  • Housing Bust Rolls On: Residential housing remains depressed, which is putting tremendous pressure on Americans' net worth and sense of financial confidence. Davidowitz, among others, sees more downside for housing prices and another increase in foreclosures in 2012.
Longtime viewers will note "it's going to get worse" is a familiar refrain for Davidowitz, going back to at least 2009.   In the accompanying video, I asked what it would take for him to feel like things are getting better. As he's wont to do with most subjects, Davidowitz answered that question with a stinging critique of President Obama. 
Barring a Supreme Court ruling that Obamacare is unconstitutional and/or victory in November by any "sensible" Republican -- Davidowitz thinks both Mitt Romney and Newt Gingrich qualify -- there isn't much about 2012 he's looking forward to, as you'll see in the accompanying video.
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Ok this one below might have some more of the 'hyperbole' angle to it ;)

HOWARD DAVIDOWITZ: Ben Bernanke Will Go Down In History As The Fed Chairman Who Destroyed The Country

4 minute video - email readers will need to come to site to view


Frequent DailyTicker guest Howard Davidowitz of Davidowitz & Associates has no doubt about what Ben Bernanke's legacy will be.  Ben Bernanke, says Davidowitz, will forever be known as the Fed Chairman who destroyed the dollar, bailed out the banks, and perpetuated a monetary Ponzi scheme that will ultimately end in collapse.
But wait. Didn't Ben Bernanke save the country from a second Great Depression?  Absolutely not, says Davidowitz.
Far from saving the country, Bernanke and his fellow White House confederates President Obama and Treasury Secretary Tim Geithner did everything they could to avoid fixing the problem. They bailed out the banks, and as a result, the banks have not been fixed. They pumped money into the economy and postponed the inevitable day of reckoning. They heaped additional regulation atop an already crushing regulatory burden. And in so doing, they helped ruin the country.
THAT will be Bernanke's legacy, insists Davidowitz. Not his creative use of a multiplicity of techniques to avoid bank failures and keep liquidity flowing through the American and European economies.  Bernanke's mission in life, says Davidowitz, is to destroy the dollar. Eventually he will be successful. And this contribution to American history will never be forgotten.

Bad Economy? Yeah Right - Not in the Farming Heartland

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While I believe in the long term thesis in farming (indeed I said in 2007-2008 farmland would probably be the best long term i.e. decades long, investment) year over year gains of 40% in Nebraska and 31% in Iowa just are not sustainable.  Easy money needs to find a home in something, and this time around farmland is one of them - long time readers will now the horde of investment money coming into this space via pension funds and the like.  [Jun 14, 2008: Bloomberg: Farmland Reaps Bonanza for TIAA] [Jun 5, 2008: NYTimes: Food is Gold, So Billions Invested in Farming] Good times for the farmer set - until one day it is not.

I eagerly await for signs of Ferrari dealerships in the Omaha, NE or Cedar Rapids, IA as a mark of a "top" in the farmland boom.  Party on Garth.   AP reports:

  • An Illinois farmer made so much money this year he made loan payments on one tractor a year in advance and exchanged some older ones for newer models. An Iowa farmer upgraded his combine and also paid off debt, while an elderly Oregon farmer poured into retirement funds a bundle of his $2 million take from a well-timed sale of much of his turf and equipment.
  • While much of America worries about the possibility of a double-dip recession, such stories of prosperity are cropping up as U.S. farmers enjoy their best run in decades, thanks to high prices for many crops, livestock and farmland and strong global demand for corn used in making ethanol.
  • Farm profits are expected to spike by 28 percent this year to $100.9 billion, and the amount of cash farms have available to pay bills also is expected to top $100 billion — the first time both measures have done so, according to the U.S. Department of Agriculture. All the while, crop sales are expected to pass the $200 billion mark for the first time in U.S. history, and double-digit increases are expected in livestock sales.  "We're just experiencing the best of times," said Bruce Johnson, an agricultural economist at the University of Nebraska in Lincoln. "It's a story to tell."
  • ........most of the talk about U.S. farming remains bullish, with analysts widely trumpeting "the new normal" in U.S. agriculture: Demand in China, India and other developing countries for U.S. agricultural exports — and hunger for corn for ethanol — has been keeping prices high and farming profitable.


[Nov 16, 2011: Farmland Boom (and Brewing Bubble) Continues as Midwest Land Jump 25%, Led by Nebraska's 40%]

Marketwatch: Why Did 24 Hour Trading Never Take Off?

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I remember when the first discussions of 24 hour trading gained force in the late 90s thinking to myself "oh no.... won't they ever let us sleep? This is ridiculous."*  (then again the stock market was "fun" and "easy" then because we all could become millionaires trading NASDAQ stocks - why not have fun 24 hours a day!)

*that said, a lot of us now wake up all sorts of crazy hours in the middle of the night to check to see what greek irish portuguese spanish italian bond debt is doing!

Frankly with the way markets now work, I think we could have a 90 minute trading session because most days are dominated by gap ups or downs, and the rest of the session not much happens.  The only people benefiting are those who trade futures all night.  Marketwatch looks at why this (dumb) idea never took off.

  • Round-the-clock stock trading, once considered a natural and inevitable next step in an increasingly technology-driven, global market, is now widely seen by U.S. traders and exchanges as undesirable and unnecessary.  The reasons range from the practical — pallid investor demand that’s kept liquidity low — to the parochial. Stocks remain a local market for investors.
  • “The difference between stocks and commodities is that there are people all over the world wanting to buy wheat. [But] not everyone around the world wants to buy Chuck E. Cheese stock. At some level, it’s that simple,” said Ian Domowitz, managing director at Investment Technology Group, an independent agency research broker. 
  • And even for well-known issues, like Apple Inc.’s  stock, regulatory barriers make it tough for non-U.S. investors to buy stocks while America is asleep.  “Actually, turning on the trading engine is very easy to do, but then there is a lot of back-office arrangements that have to be made,” said Peter Clifford, deputy secretary general at the World Federation of Exchanges in Paris.
  • The idea of a 24-hour market started as an exciting realm of possibility in the 1990s, when stock exchanges enabled trading outside of the 9:30 a.m.-4:00 p.m. Eastern session, as part of efforts to fend off competition from other trading venues, such as electronic communication networks. But it never took off, even as multiple boom-and-bust cycles came and went in the following years.
  • Few dispute the advantages of continuous trading, like the ability to act immediately on news — such as Microsoft Corp.’s earnings, or China’s inflation data. For non-professional investors, the convenience of selling stock at 11 p.m., after finishing daily chores or putting the kids to bed, could be useful. The required physical infrastructure is also in place, thanks to the ability of electronic networks to connect buyers with sellers.
  • But if investors still can’t trade stocks as easily as they can bank at an ATM, it is largely because trading volumes remain thin outside regular hours, amplifying risks: Thinly traded markets are more volatile, and transactions there are costlier.  “It all revolves around liquidity — that’s the golden goose which provides efficient markets for investors,” said Bryan Harkins, chief operating officer at Direct Edge.  “Ultimately, exchanges are typically doing what brokers want … There is just not enough liquidity in the middle of the night and investors are not really demanding that. One way to look at it is, ‘Convenience is great, but I’d rather have a better price,’” he said.
  • Trading in foreign exchange and Treasurys takes place 24-hours a day for the most part of a week. Commodity and stock index futures also can be traded virtually around the clock every trading day. But trading hours in the world of individual stocks are much shorter.
  • Outside of the regular hours, NYSE Arca, the full-electronic exchange owned by NYSE Euronext, is currently open for business from 4 a.m. to 9:30 a.m., and then from 4 p.m. to 8 p.m., Eastern. Meanwhile, Nasdaq Stock Market, owned by Nasdaq OMX Group Inc., is open from 7 a.m. to 9:30 a.m. in pre-open and between 4 p.m. and 8 p.m. in the after-hours. Direct Edge currently opens at 8 a.m. in the pre-market and operates until 8 p.m. in the after-hours. Other exchanges and venues, such as Electronic Communication Networks, also offer trading beyond the regular hours for similar durations.
  • Still, stock trading in the U.S. continues to be concentrated during the regular session. Direct Edge’s Harkins said more than 95% of its volumes are transacted between 9:30 a.m. and 4 p.m. although the exchange is open on either side of that window. And while other trading venues have attempted to widen the trading hours, he added, “I would say their success is modest at best.”
  • Earlier this year, a Nasdaq spokesman told MarketWatch that about 2% of the volume on Nasdaq and NYSE was generated during off-hours.
  • The risks linked with low volumes have prompted U.S. regulators to place some restrictions during extended-hours trading. One example is that investors in the after-hours marketplace must submit limit orders — which can only execute at the investor stipulated order price, or better — and can’t present market orders, which execute at whatever the best price is at the time.
  • It’s not just the lack of demand that makes after-hours trading thin. The supply is also affected as several market-makers — firms that buy and sell stock for their own account or on behalf of clients — aren’t active during the extended hours.
  • Liquidity during off-hours could improve, at least in theory, if investors outside the U.S. were able to trade stocks here during their day. But that has its own difficulties.  For cross-border stock trading to become possible, issues outside a stock exchange’s control — such as where the shares will be delivered, or who the custodian will be — first need to be addressed, said Clifford, the World Federation of Exchanges official.  
  • But even if policy makers addressed those technicalities, he added, investors might still want to trade stocks in the most liquid market during their day — most likely their home market.  In other words, Hong Kong investors may not want to trade New York-listed stocks during the Asian day, any more than Americans would like to trade Hong Kong equities during the U.S. day.

Going to my point of why this idea was "super cool" in the late 90s, but not so much after the twin bear markets of the 00s:
  • “Everybody needs to take some rest,” said Peter Cardillo, chief market economist at Rockwell Global Capital, a boutique investment banking firm. “If you had a super bull market all the time, I think people would enjoy it, but if you have a super bear market, they wouldn’t.”

Still Holding On

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The 'Battle of the 200 Day's' looked to potentially be resolved mid afternoon yesterday but a stick save late in the session pushed the S&P 500 back over the 200 day exponential moving average.  There was essentially a bounce off the 50 day moving average ...



Over at the DJIA things are actually looking more bullish and one could create a case for a 'bullish flag'.  You can see how the 200 day simple moving average has been support multiple times, and a perfect bottom yesterday.



The NASDAQ on the other hand has a similar situation to the S&P 500 - and perhaps a tad weaker.


This morning's modest gap up should provide some buffer for the S&P 500 and NASDAQ as we await the wisdom from our council of elders at the Fed.

Monday, December 12, 2011

Some Caution Now Technically on the Gold (GLD) Trade

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Please note I am using the Gold ETF (GLD) rather than the commodity as stockcharts.com has a 1 day delay on the actual underlying.

Gold is acting punk today - a lot of people are trying to find reasons why.  I thought perhaps this would be due to Monti remarking Thursday morning that a bazooka of European QE is not coming anytime soon, but if so you would have seen more weakness the previous 2 sessions.  Could be some liquidations, could be a lot of factors - I clearly don't know.  But the one nice thing about technicals are the fundamentals really don't matter much to assessing what is happening.  And right now we're flashing some caution flags.



It's still not a red zone situation as we still see the metal over the 200 day moving average, plus the late Sept and Oct lows, but it would definitely be something to have a yellow flashing warning light focused on.  There was a huge 'triangle' formed by a series of lower highs and higher lows.  We've broken out of that triangle to the downside.  A much shorter time frame example of this was seen in the S&P 500 just a few weeks back and we promptly saw a 8%ish loss in that index.

I've been a long time proponent of this trade from a 'debasement' perspective (rather than inflation), but I would certainly at this point be looking to be watching much closer as there is some potential for a breakdown if things continue down this path in the next month or so.  One to keep an eye on.

(and if you don't believe in the technical mumbo jumbo I'm spitting out, I can respect that - but also respect the fact a lot of the 'fast money' types do follow this stuff, and it tends to self reinforce)

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USA Today: As Bernanke Punishes American Savers, the Search for Yield Overseas Shows Pitfalls

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This is an interesting piece by John Waggoner of USA Today, especially on a personal level, as I've been looking at a host of yield producing products to 'barbell' against an equity exposure.  With the war on savers that Bernanke has waged - and will continue to wage for many years ahead [Mar 31, 2010: Bernanke Content to Sacrifice American Savers to Recapitalize Banks and Benefit Debtors] the choices all come fraught with risk, which many people have learned the hard way of late.  While it's one thing to have avoided European debt for all the obvious reasons, even what was considered 'safe' like Australian debt has been punishing for American investors.



  • ....taking on extra risk for a higher yield really can be a mistake. Today's case in point: international bond funds.
  • If you depend on interest income for your retirement, you have an enormous problem. The average money fund yields 0.02%, which wouldn't buy dust at a thrift store.  To get more interest, you either have to lock up your money or take the risk of losing part of your principal. But even locking up your cash for longer isn't much help. A 10-year Treasury note now yields about 2% — less than the current inflation rate of 3.5%.
  • Because rates are so low, income investors have had to take the risk of losing principal. Rates are higher in some places overseas, so mutual funds that invest in international bonds seemed to be a reasonable bet.
  • The funds, currently yielding about 3%, have been red-hot sellers the 12 months ended Oct. 31, according to Lipper:
  1. Global income funds, which invest in U.S. and international bonds, pulled in an estimated net $23.9 billion.
  2. Emerging-markets debt funds attracted an estimated $15.2 billion.
  3. International income funds saw $4 billion in new money come in the door.
  • Unfortunately, one area that offered particularly tempting yields was Europe. As the European crisis unfolded, traders dumped their bonds like they were a reality show groom. Prices of European bonds got clobbered, as did many of the funds that invest in them.
  • The past three months through Friday, international income funds fell 3.8%. For people used to watching the stock market, that's not a tremendous loss. For conservative income investors, however, any loss is bad news. And some funds fared far worse than average:
  1. WisdomTree Australian and New Zealand Debt fund, down 16.1% the past three months, including reinvested interest.
  2. Forward Emerging Markets debt, down 8.7%.
  3. Templeton Global Bond, down 5.9%.

  • Normally, rising interest rates are the main factor in bond returns: When rates rise, bond prices fall, and vice versa. But European bonds have been hit by worries that they will default — known as credit risk.
  • Another problem is currency risk. Mutual fund shares are priced in dollars. When foreign currencies fall in value, U.S. investors lose money. 

Risk Off for the Day it Appears

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I did not really "get" the happiness Friday, as not much seemed to be resolved other than some language for more unity and to "hold people accountable" for excessive debt in the Eurozone.  However, the current treaties are supposed to "hold people accountable" for excessive debt, and hasn't done a darn thing.  I guess expectations were just so low, anything would have made the market happy for the day.

Well here we are Monday and Italian 10 year debt yields have again exploded upward, and we have another warning - this time from Intel (INTC).  They are blaming the Thai floods (i.e. supply chain) rather than end demand, so some are viewing it differently than the Dupont, Altera, and Texas Instruments warnings.  But for fans of 'decoupling' (the current hot meme on CNBC - recycled from late 2007 and early 08) we're starting to see more chinks in that armor.

The S&P 500 remains in the battle of the 200 days.... until we break out one way or the other the Pavlov dogs will buy the bottom of the range and flip towards the top.  Rinsing, washing, and repeating along the way.  This is the 8th session we've been wholly contained within the 200 day EMA and SMA.


On the economic front, we have retail sales tomorrow, some regional fed type of surveys later in the week, and inflation gauges (which no one cares about since there is no inflation reading that will stop the Fed from staying in ultra ease mode). Also a Fed meeting tomorrow with no expectation and a ton of bond auctions Thursday. But Europe dominates everything...

Zynga (ZNGA) Heads the List on Busiest IPO Week Since Nov 07

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Looks like on sheer number of new issues, this is going to be the biggest IPO week since the pre crisis era.  Hope it doesn't take away the shine away from (ahem) the most important debut of the week....

Zynga (ZNGA) is the star of the week [Sep 9, 2011: Zynga - Virtual Goods, Real Profits], but definitely should have came to market last spring when the hype was hottest (along with Groupon).  That said, I expect it to fare better once public than the Chicago based coupon magnet.  We also get a new way to play the 'upper income consumer' via Michael Kors.  Jive Software is also getting some buzz simply because it's in the super hyped social networking space.

  • Eleven firms, including the social-gaming start-up Zynga, are expected to launch as publicly traded companies next week, in potentially the busiest IPO week in four years. Zynga leads the pack as the latest in a wave of social-media initial public offerings. Also drawing attention is Jive Software, a social business-software-platform company, and Michael Kors Holdings, the luxury fashion company.
  • If all firms push ahead with their IPOs, it would make next week the busiest since November 2007, when 13 companies made their public trading debuts in a single week, according to Scott Sweet, senior managing partner at IPO Boutique.  Sweet noted that next Thursday will be particularly crowded, with six deals expected to launch.
  • Zynga’s position among those on deck is a key reason. The San Francisco–based tech company, which is offering 100 million shares at a price range of $8.50 to $10, is set to raise as much as $1 billion. That would make Zynga’s offering the biggest Internet IPO since Google Inc.’s  launch in 2004, according to Renaissance Capital. 
  • In a sign of the growing prominence of social-media IPOs, Jive Software also is expected to enjoy a strong debut. The Palo Alto, Calif.–based company makes software to help businesses set up their own social networks. It had total revenue of $54.8 million for the nine-month period ended Sept. 30 — up 73% from the same period last year. Net losses totaled $38.1 million for the recent nine-month period.  Jive is offering 11.7 million shares at a price range of $8 to $10. The stock is expected to begin trading Tuesday.
  • Another relatively high-profile IPO for next week is that of Michael Kors Holdings, the fashion design company, which is offering 41.7 million shares at a range of $17 to $19.
  • Other companies expected to go public are five oil or energy companies: Bonanza Creek Energy, Sanchez Energy Corp., Mid-Con Energy Partners, Inergy Midstream and Laredo Petroleum.  Also going public are Luxfer Holdings, a materials technology company; FusionStorm Global, which offers information technology hardware, software and services to businesses; and GSE Holding, a maker of containment products in mining, waste management and environmental protection.
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More on Zynga here as we have updated financial information; revenue growth impressive but profits actually shrinking as costs skyrocket.  I'd expect a nice pop upon IPO however:

  • For its IPO, Zynga said it plans to sell 100 million shares at a price range between $8.50 and $10 per share. Underwriters have been granted an additional 15 million shares to cover over-allotments.  The company said in its updated filing with the Securities and Exchange Commission on Friday morning that it expects to have about 699.4 million total shares outstanding following the debut, which includes Class B and C shares that won’t be offered to the public.
  • That would give the company a total market value of about $7 billion — if the offering was priced at the high end of its expected range. Previous valuation targets leaked to media outlets had the number around $10 billion.
  • Scott Sweet of IPO Boutique said Zynga’s anticipated valuation is “significantly lower” than previous estimates. He pointed to the recent debuts of Groupon and Angie’s List— both of which are trading at or below their IPO prices just weeks following their debut.  “Certainly the weakness post-IPO of Groupon and Angie’s List has cast a pall on the sector,” Sweet said in an e-mail.  (why Angie's List is being compared to these other companies is beyond me....)
  • Even so, a market cap of $7 billion would put Zynga relatively on par with Electronic Arts, one of the largest video game publishers in the market. Sweet also noted that neither founder Mark Pincus nor key venture capital backer Kleiner Perkins are selling shares in the offering, which he said would likely be a “big selling feature” for the deal.
  • Zynga makes games played primarily over Facebook. Popular titles have included “CityVille,” “FarmVille” and “Mafia Wars.” The company said in its filing on Friday that it now has about 227 million average monthly users, which play the games for free and purchase items through micro-transactions within the games that makes up the bulk of the company’s revenue.
  • For the nine months ended Sept. 30, Zynga claimed total revenue of $828.9 million — more than double the $401.7 million in revenue from the same period last year. Net income for the recent period was $30.7 million, down from $47.6 million in the comparable period thanks to a sharp rise in marketing and R&D expenses.
  • Zynga plans to trade on the Nasdaq under the ticker symbol “ZNGA.” It plans to use the proceeds from the offering for general corporate purposes and possibly acquisitions. About $83.6 million will go towards satisfying tax withholding obligations related to the vesting of restricted stock units.


[Jun 29, 2011: Zynga Could File for IPO as Early as Today]
[May 25, 2011: Sources - Zynga Ready to File for IPO]

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