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Best of the Blogs: Zynga Selling 49 Million Shares


Minyanville's daily roundup of some of the best financial commentary from around the Web.

This column highlights the most interesting and useful business and financial commentary from around the Web each day. Feel free to send along your own suggestions for blog content that you've read or written.
"Public shareholders will be able to get an even bigger piece of Zynga, the online gaming company. Zynga said Friday that it planned to sell $687 million of stock - some 49 million shares – in a secondary offering, according to an amended prospectus. And earlier filing said that company insiders plan to sell $400 million." (Also read Four Reasons Why This Is Not Your Father's Nasdaq 3,000.)
"Research in Motion can no longer say "There's no place like home." The BlackBerry maker is losing adoring fans in its own territory, Canada, to Apple's iPhone. RIM, which is based in Waterloo, Ontario, has been dethroned from its position as the No. 1 smartphone brand in Canada, trailing Apple's iPhone, Bloomberg reports. It shipped 2.08 million BlackBerrys last year in Canada, while Apple sold 2.85 million iPhones there, according to data compiled by IDC and Bloomberg. If home isn't safe for the BlackBerry, where is it safe?" (Also read iPhone Uses See a Brighter Future Than Blackberry Users, Says Study.)
Credit Writedowns
"The market has shrugged off the disappointing euro zone PMI to take the euro to a marginal new high for the week, and again mapping transversing the range of about $1.3140-$1.3500. Sterling too rose through yesterday's highs, albeit briefly, though failed to take out the week's high set on Wed near $1.5923."
"When President Clinton used an electronic pen to sign the Telecommunications Act of 1996, the country assumed that he was unleashing tremendous telecom competition that would help consumers across America. The dream was that local phone service would be up for grabs, no longer controlled by a single incumbent, that the Bell companies would be allowed to provide competitive long distance services, and that the cable companies would be allowed into the phone business - and that as a result of all this jostling we'd all be better off. The New York Times reported that the act was 'expected to unleash a wave of mergers and acquisitions but eventually knock down traditional monopolies in local telephone service and cable television.'" (For related content, see FCC Commissioner Embroiled in "Comcast Crony" Scandal.)
Zero Hedge
"Oil as a commodity has always been a highly valuable early warning indicator of economic instability. Every conceivable element of our financial system depends on the price of energy, from fabrication, to production, to shipping, to the consumer's very ability to travel and make purchases. High energy prices derail healthy economies and completely decimate systems already on the verge of collapse. Oil affects everything."

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No positions in stocks mentioned.

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