Tech Laggards: Apple Inc. (NASDAQ:AAPL), Facebook Inc (NASDAQ:FB) Weighs, Microsoft (MSFT) Leads – NFLX, BIDU, ZNGA

The Tech sector gapped down this morning as investors returned after an unexpected long weekend following hurricane which has shaken the U.S. in the past two days. U.S stocks closed for the second consecutive day on Tuesday, which was the first 2-day shut down after 1888.

Back to the markets update, there are two heavy weights which are putting selling pressure on the entire index - Apple Inc.(NASDAQ:AAPL) and Facebook Inc(NASDAQ:FB). NASDAQComposite (INDEXNASDAQ:.IXIC) slid -16.24 (-0.54%) to 2,971.71.

 Shares of Apple Inc fell 2.20% to $590.86 as investors surprised by the company’s announcement to remove Chief Scott Forstall, who was responsible for the development of the new mapping software that was widely criticized and retail chief John Browett, who recently created a controversy when he decided to reduce the number of retail store employees.

However, during the weekend, analysts were of view that the recent reshuffling of management team should not be a concern for the world’s largest company by market value.

In other news, the company won an approval from Chinese regulatory authorities, which would allow the company to start selling its iPhone 5 now. The company is expected to launch by the end of this year.

Facebook Inc(NASDAQ:FB) shares tumbled 34%, although off session low of $20.73. This Monday, the company’s another round of expiration of lock in. However, as Monday was a holiday, there could be some sort of divestment in today’s session. About 229 million shares are scheduled to hit the market, which is hard enough to the company.

Other social media stock is showing selling pressure along with Zynga Inc(NASDAQ:ZNGA) slumped 4.33%. The stock had solid week after the company posted higher than estimated revenue for the latest quarter, pushed its shares up 13% in a single day.

Microsoft Corporation(NASDAQ:MSFT) is bucking the market trend and rose 1.51% to $28.64 on heavy trade. The stock is getting boost from the company’s launchof Windows 8 and Windows Phone 8 operating systems.

Netflix, Inc.(NASDAQ:NFLX) shares are showing volatile move this morning and recently rose 2.50% to $71.31 after falling 85 in early session. On Friday, the stock rose 13% on rumors circulating among market participants that the company could be an acquisition target and the interested party could be Microsoft. Let’s see how things will go on with the struggling company, whose shares have slumped over 75% from its life time peak.

Baidu.com, Inc. (ADR)(NASDAQ:BIDU) shares gapped down this morning as the company’s China’s so called Google issues lackluster outlook for the fourth quarter. The company projects to generate revenue of $979.3 million to $1.010 billion, compared to analysts’ target of $1.03 billion.

For the third quarter, the company posted $1.39 a share on revenue of $994.6 million, compared to analysts’ estimmates of $1.28 a share on revenue of $1.00 billion.

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Social Media Stocks Rise: Facebook Inc (NASDAQ:FB), Zynga Inc(ZNGA) and Yelp Inc (YELP)

The week that just went by saw some stocks reverse losses of previous weeks and months and gain on solid results.

One of them was Facebook Inc (NASDAQ:FB), which surprised everyone with its better-than-expected results. But biggest and most pleasant surprise for its investors and analyst community was the rise in revenues from mobile ads by the company.

While Facebook did post a loss of $59 million in the third quarter, its advertising business posted a 36 percent rise in revenues to $1.09 billion.

Better still for the social network, 14 percent of ad revenues came from mobile use, an area where analysts have expressed concerns about making money.

On Tuesday, Facebook shares recorded their biggest single-day gain since it went public in May, while a day later it went as high as $24 a share. The stock closed at $21.94 this week, up 14 percent for the whole week. Since Oct. 10 its shares had been floundering below $20 a share.

Game developer Zynga Inc(NASDAQ:ZNGA) was another stock that saw it making gains after third quarter results proved to be better than analyst estimates.

It also unveiled plans to buy back stock and move into real-money gambling.

Zynga's shares rose 12 percent to $2.39 at the close, recording the biggest gain since February. The stock had depreciated by more than three-fourths from debut price last December.

While its sales rose 3.2 percent to $316.6 million, the company said that it would repurchase stock worth $200 million.

Yelp Inc(NYSE:YELP) was the third social media stock that went on to record hefty gains. The site, that lets users review businesses and products, saw its share price 7.4 percent to $25.77 after its reported quarterly results that exceeded analyst forecasts.

Yelp said third-quarter sales will be about $36.4 million, exceeding its prior forecast and more than analysts’ average $35.7 million estimate. The company’s shares were further boosted by its acquisition of Qype GmbH, Europe’s biggest local review website, for about $50 million to expand beyond its U.S. base.

Its shares have appreciated about 72 percent since its IPO in March.

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Facebook Inc (NASDAQ:FB) comes out in support of struggling Zynga Inc (NASDAQ:ZNGA)

Zynga Inc(NASDAQ:ZNGA) may be struggling and planning to reduce its studios and games in order to pare costs, but its biggest partner and ally Facebook still has faith in the company, which developed social game `Farmville' for it.

A senior Facebook Inc(NASDAQ:FB) executive told some members of the media on Thursday that though the company was going through a struggle, it still reposed confidence in it.

While announcing Facebook's quarterly results earlier this week, Facebook chief Executive and founder Mark Zuckerberg had revealed that its revenues from Zynga had slid 20 percent.

Zynga appears to have lost the plot somewhere and is floundering.

The company has decided to lay off more than 100 employees and close its Boston office, with more closures possibly on the way.

Zynga will also phase out 13 games. While no list has been announced, the sleuths at sister site Inside Social Games examined Zynga’s worst-performing games, exploring possibilities for sunsetting, AllFacebook site reported.

At an interaction with some select journalists Facebook's director of games partnerships Sean Ryan said, "Zynga will come back. They’ve got great games; they are a great partner for us."

Earlier Zuckerberg had said of the gaming ecosystem, "Overall, gaming on Facebook isn’t doing as well as I’d like, but the reality is that there are actually two different stories playing out here. On the one hand, our Payments revenue from Zynga decreased by 20% this quarter compared to last year. But the interesting thing is that the rest of the Games ecosystem has actually been growing. Our monthly Payments revenue from the rest of the ecosystem increased 40% over the past year since Payments has been adopted. This evolution is pretty encouraging."

Shares of ZNGA rose over 12% in Thursday’s session after the company posted better than estimated revenue.

Other Facebook executives downplayed the implications of Zuckerberg's comments.

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Zynga Inc (NASDAQ:ZNGA Gaps Up On Earnings Beat - WLL, WYNN, XNPT, ZNGA, BBY

Zynga Inc(NASDAQ:ZNGA) stock surged 13.90% to $2.43 in the opening session after the company reported a third-quarter net loss of $53 million or $0.07 per share, as compared with net income of $13 million or breakeven earnings per share last year.

Adjusted loss for the quarter was $0.4 million or nil per share, as compared with net income of $32 million or $0.04 per share a year ago. Revenues for the quarter rose to $317 million from $307 million in the prior year. Analysts expected a loss of $0.01 per share on revenue estimate of $256.43 million for the quarter.

Separately, investors are also cheering the company’s surprise announcement of a $200 million buyback program.

Whiting Petroleum Corp(NYSE:WLL) shares declined 0.48% to $43.47 after the company reported third-quarter net income of $82.9 million or $0.70 per share, as compared to $206.0 million or $1.74 per share in the same quarter last year. Adjusted net income was $86.9 million or $0.73 per share. Total revenues grew 9% to $530.5 million from $487.6 million in the same quarter last year. Analysts expected earnings of $0.78 per share on revenue of $521.61 million for the quarter.

Wynn Resorts, Limited(NASDAQ:WYNN) stock gained 3.35% to $116.05 after the company’s third quarter net income fell to $112 million, or $1.11 per share, as compared with net income of $127.1 million, or $1.01 per share, a year earlier. Adjusted earnings amounted to $1.48 per share. Analysts expected $1.32 per share. Revenue was flat at $1.3 billion, in line with expectations.

XenoPort, Inc.(NASDAQ:XNPT) reported third quarter loss of $16.80 million or $0.41 per share, as compared to a loss of $18.80 million or $0.53 per share in the same quarter last year. Revenues for the quarter remained flat at $0.4 million, compared to $0.4 million a year ago. Analysts expected a loss of $0.43 per share on revenues of $2.26 million for the third quarter.

Best Buy Co., Inc.(NYSE:BBY) shares declined 6.15% to $15.88 after the company issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period. The company said comparable store sales would decline in between 3.2% to 5.3%. BBY also projected its gross margin would decline 1%. The company will release results Nov. 20.

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Zynga Inc (NASDAQ:ZNGA) rebounds On Upbeat Revenue And Buyback Plans

After posting the worst IPO this year, shares of Zynga Inc(NASDAQ:ZNGA) are showing heavy buying in afterhours session on Wednesday after the struggling gaming company posted better than estimated third quarter earnings.

The company posted net loss of $52.7 million, or 7 cents a share. However, on an adjusted basis, the company broke even, posting 0 cents a share, matching analysts’ target. Revenue during the quarter rose 3% year over year to $316.6 million well above analysts’ target of $256 million.

Separately, investors are also cheering the company’s surprise announcement of a $200 million buyback program.

“While the last several months have been challenging for us, Zynga remains well positioned to capitalize on the growth of social gaming,” CEO Mark Pincus wrote in the release.

Shares of ZNGA soared 16% in after hours session, but still down 75% from its $10 IPO price in December 2011.

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Zynga Inc (NASDAQ:ZNGA) cuts jobs, studios and games to reduce costs

Games developer Zynga Inc(NASDAQ:ZNGA) is in serious trouble.in a bid to cut costs, the company is eliminating games, studios and jobs in a drastic move.

The one-time close ally of Facebook, for which it created the popular social media game `Farmville' said on Tuesday that it intends to reduce bout 5 percent of its workforce of 3,200 employees.

This is the first time that Zynga, which went public late last year, is resorting to job cuts.

Zynga also said it will get rid of 13 older games and reduce its investment in the game "The Ville." It will close its studio in Boston and may close studios in Japan and the U.K. It runs 18 studios worldwide.

Zynga's stock has depreciated about 70 percent since its stock market debut, though on Tuesday it rose more than 3 percent after the announcement was made. The company is scheduled to report its third quarter results on Wednesday.

The fortunes of Zynga are closely allied to that of Facebook, from whom it derived about 15 percent of its revenues. With Facebook reporting better-than-expected results for the third quarter, investors are hopeful that Zynga may also follow suit.

Zynga said earlier this month that it expected to post a third-quarter loss due to weak demand for some of its titles. It said its revenues would likely be nearly flat compared to the same period last year.

It had also warned about taking some measures to reduce costs that would help improve its performance.

CEO Mark Pincus said that the job cuts were the most painful part of the overall cost-reduction plan, which also includes significant cuts in spending on data hosting, advertising and use of contractors.

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Zynga Inc (NASDAQ:ZNGA) Sues Former General Manager, Accuses Him Of Theft Of Sensitive Trade Information

Zynga Inc (NASDAQ:ZNGA) is getting back at a number of high-level employees, who have left the company. Zynga is filing a lawsuit against one of its ex general managers b y accusing him of extensive theft of some very sensitive and commercially precious data.

The complaint was filed in Superior Court in San Francisco on Friday. It was filed against Alan Patmore for misuse of trade secrets and contravention of written contract.

A spokesperson from Zynga has refused to comment on this matter. Alan Patmore has not yet responded to emails seeking comments.

In August, Zynga’s general manager of City Ville, Alan Patmore had left the company to work with a social games maker based in San Francisco. Patmore had joined Zynga in June of 2011 and had served as the general manager of City Ville before joining Kixeye as VP of Product. Kixeye happens to be a much smaller games developer of Facebook that has been immensely unabashed about recruiting talent from Zynga.

In the filling, Zynga has claimed that Patmore amassed about 760 documents from his work PC and backed them up online before he left the company. Also, Zynga has mentioned in its complaint that the information is crucial enough to improve a rival’s internal understanding of core game mechanics and monetization techniques, its implementation and eventually its market rank to compete more efficiently with Zynga.

According to Zynga, Patmore took files that are crucial to the business of the game maker. It includes monetization plans, revenue projections, over 10 unreleased game designs, planned road maps, Patmore’s whole email inbox and employee reimbursement details.

Zynga was at the court on Friday to get a temporary restraining order. A judge had granted the request, restricting Patmore from disclosing any data to anyone or from infringing the information or getting involved in activities related to making online games that include business secrets of Zynga.

Shares of ZNGA are down 0.74% to $2.41.

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U.S. stocks slide on disappointing start to earnings season – ZNGA, ACW, Nokia Corporation, FDX, Nokia Corporation, Alcoa Inc

The start of a disappointing earnings season in the United States led to a fourth straight decline in U.S. stocks on Wednesday.

Alcoa and Chevron were among the first to announce quarterly results. The oil company said that its third quarter profits would be "substantially lower" than the previous quarter, leading to a 4.2 percent decline in its shares to 4112.45.

Results of aluminium maker Alcoa were better than what the Street had estimated but it also posted a quarterly loss. Its shares fell 4.6 percent to $8.71 a share.

The company forecast a dip in global aluminium demand in the near term due to a slowdown in China.

The Street is expecting earnings to be soft for the September quarter with constituents of the S&P 500 forecast to report a 2.9 percent decline in earnings.

The Dow Jones Industrial Average(INDEXDJX:.DJI) fell 128.56 points, or 0.95 percent, to end at 13,344.97. The S&P 500(INDEXSP:.INX) dropped 8.92 points, or 0.62 percent, to 1,432.56. The NASDAQ Composite (INDEXNASDAQ:.IXIC) lost 13.24 points, or 0.43 percent, to end at 3,051.78.

Stocks trimmed losses after a report from the Federal Reserve showed that the U.S. economy had expanded a bit, with an uptick in home sales coming from most districts.

The only bright spots in an otherwise weak day of trading was Wal-Mart Stores, which hit an all-time high on the back of strong demand in the upcoming holiday season, while FedEx also showed a healthy advance.

Alcoa Inc.(NYSE:AA) slumped 4.60% after The company reported a net loss of $143 million, or 13 cents per share, compared with a profit of $172 million, or 15 cents per share, in the same quarter last year. Excluding cost related to charges for the settlement of a civil lawsuit and environmental remediation of a New York state river, earnings were 3 cents per share, down from 15 cents a share in the year-ago period. Revenue fell 9 percent to $5.83 billion from $6.42 billion a year ago.

Zynga Inc(NASDAQ:ZNGA) was down 3.50% after Piper Jaffray estimated a decline in revenue for social gaming firms would take up pace next year, with lesser teens showing interest. Piper Jaffray has also noted some doubts on the potential success of City Ville 2, a sequel to its huge hit City Ville that had attracted more than 10 million users daily. City Ville 2 is essentially an updated 3D version of City Ville, however, it experiences headwinds as Zynga’s Web-based games business is facing challenges. Zynga’s strategy looks as if it still needs to be decided.

Accuride Corporation(NYSE:ACW) was down 30.40% or $1.39 to $3.17 after the company was expecting a full-year loss of 5 cents to 12 cents per share before, including a 6 cents per share loss, due to the shutting down of its Elkhart, Ind. Plant. Revenue range is predicted to be between $1 billion and $1.03 billion.

Stocks To Watch Thursday:

Nokia Corporation (ADR)(NYSE:NOK) extended its losses and fell 3% to $2.60. The stock is down another 4% to $2.50 in the pre-market session. The company is all set to report its third quarter earnings on October 18th, 2012. Analysts are estimating the company to report more losses with €0.13 per share, from a loss of €0.08 last quarter and a loss of €0.02 last year. Revenue is projected at t €9.03 billion, from €8.98 billion last year and €9.275 billion the prior quarter.

Wal-Mart Stores, Inc.(NYSE:WMT) shares climbed 1.7 percent to $75.42 after hitting an all-time high of $76.81. Wal-Mart Stores' U.S. unit has said that it is confident of maintaining its growth momentum going into the holiday season, which usually sees a spike in sales.

The company said that it had a sound strategy for the holiday season and it would hasten the opening of small stores.

It said that the company as targeting online sales at $9 billion by 2014.

 FedEx Corporation(NYSE:FDX) rose 5.2 percent to $89.99, its largest daily percentage jump this year, as the package delivery company laid out plans to sharply cut costs at two divisions, seeking to improve profits there by $1.7 billion over the next four years.

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