Schaeffer's Trading Floor Blog

Buzz Stocks: Zipcar, Zynga, Best Buy, and Live Nation

Today's hot stocks to watch in the news include ZIP, ZNGA, BBY, and LYV

by 1/2/2013 8:56 AM
Stocks quoted in this article:

The first day of 2013 is starting out on the right foot -- futures are sharply higher this morning in the wake of a last-minute budget compromise. In company news, here are some names to monitor today:

  • Wall Street sophomore Zipcar Inc (NASDAQ:ZIP) will be acquired by Avis Budget Group (NASDAQ:CAR), who is scooping up the car-sharing service for roughly $500 million in cash. This offer translates to $12.25 per share, or a 49% premium to the stock's close on Monday. The deal is expected to be settled by the second quarter and is projected to contribute to CAR earnings by the second year. (CNBC)

  • As it continues to trim costs in order to shore up its finances, Zynga Inc (NASDAQ:ZNGA) has eliminated two more of its games including PetVille, which was enjoyed by 1 million users each month. Mafia Wars 2 had amassed a monthly following of just 200,000 players, and was shut down as well. During the past six weeks, ZNGA has pulled the plug on a total of 11 games. (CNNMoney)

  • Two directors have vacated their spots on the Best Buy Co., Inc. (NYSE:BBY) board. One, C. "Mike" Mikan (former interim CEO of the retailer), is leaving immediately to pursue other interests. The other, Michael H. Paull, will keep his position through the next quarterly meeting in April. (Dallas Business Journal)

  • Speaking of departures, Live Nation Entertainment, Inc. (NYSE:LYV) chairman Irving Aznoff has surrendered his post, despite being under contract until 2014. On his way out the door, he sold his shares of the company to Liberty Media Corp (NASDAQ:LMCA), bringing Liberty's stake to 26.4%. (Chicago Tribune)

  • It's a rough start to the new year for Apple Inc. (NASDAQ:AAPL), which suffered a robbery of a Paris store on New Year's Eve, to the tune of $1.3 million in products. A spokesperson for the French police union said the heist, perpetrated by four masked men, was "prepared pretty well." (Mashable)

  • Finally, 2012 was a record-setting year at the box office, as receipts rose for the first year in three to total $10.8 billion. The number of total tickets sold rose to 1.36 billion in an environment that included 11 films earning at least $200 million domestically. Among the year's hot tickets were The Avengers, making $623 million in the U.S. alone, and The Hobbit, which has so far booked $222 million during the past three weekends. (CNNMoney)

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