Today on
Headline RePLAY: Zynga raises $1 billion in its NASDAQ debut and Sony flip-flops
on the PS Vita.
Responsible
for Facebook sensations like Farmville and
Mafia Wars, developer Zynga raised $1
billion in an initial public offering (IPO) yesterday that ranks it as the second
most valuable video game company— ahead of its competitor, Electronic Arts.
Zynga sold
100 million shares at $10 per. According to Bloomberg, this sort of offering
was the biggest by a U.S internet company since Google raised
1.9 billion in its IPO back in 2004.
Interestingly,
Zynga shares listed on the NASDAQ did decline today by 5% to $9.50.
“Zynga
shouldn’t be valued at three times what other companies in that space
[social-media] are valued at,” explained Jeffrey Sica, chief investment officer
of Sica Wealth Management LLC. “That’s why people looked at it as having a potential
downside. Investors found it too rich.”
Nevertheless,
Sica’s analysis painted a complicated picture that despite concern in the
market, he advised clients to buy the Zynga IPO.
*Source:
Bloomberg
Here is a
confusing series of events: first Sony said the PS Vita was locked to a single
PSN account, and then it said the handheld can have multiple accounts via
memory cards. And now it’s back to square one as a representative told Wired
today that the Vita can only support one account.
“[The] PSN account is tied to the hardware and
the memory card, not just the card,” a different Sony representative told Wired
in an e-mail, “which means that if a second person is using your Vita, it’s not
just a case of switching out memory cards, it’s clearing out all of your saved
data on the Vita itself when you do the factory reset.”
“In other words, PlayStation Vita
is intended to be played by only one user,” the representative said.
*Source: Wired
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