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The Nasdaq Now: Zynga Plunges, Drags Facebook Along With It


Groupon is up on the day.

MINYANVILLE ORIGINAL Powered by expectations-beating job growth numbers for September, US equities inched up in intra-Friday trading.

The Nasdaq Composite (INDEXNASDAQ:.IXIC) is up 0.09% to 3,151.99 points on average trading volume of 729.66 million as of 12:03 p.m. EDT. The index is now on its way to end the day with a 1% week-to-week gain.

Groupon (NASDAQ:GRPN) was among the day's top gainers, up 5.31% to $5.06. Earlier, the actress and animal rights activist Olivia Munn had urged a boycott of the daily deals site because it offered a discounted deal for circuses featuring animals.

Decliners on the Nasdaq grabbed the greatest share of attention on Wall Street, with volume leader Zynga (NASDAQ:ZNGA) plunging 18.83% to $2.29 after lowering its 2012 outlook for the second time. The struggling company now forecasts full-year bookings of $1.085 billion to $1.1 billion, down from a previous outlook of $1.15 billion to $1.225 billion.

Facebook (NASDAQ:FB), for whom a large revenue source is Zynga, was dragged down 2.43% to $21.41 by worries about the latter. Shares of the social network fell, all but erasing the gains Facebook had made this week.

Cell Therapeutics (NASDAQ:CTIC) also took a 23.92% dive down to $1.55. The drop came after the company announced it would be selling $60 million in preferred stock, priced at $1,000 per preferred share, which, if converted, would have a conversion price of $1.40 per share.

First Solar (NASDAQ:FSLR) also slid 11.75% to $19.90 following a downgrade to Sell from Buy by Avian Securities, which cited worries about product reliability.

Twitter: @sterlingwong
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