Zynga Trades Higher after Candy Crush Maker King Digital Prices its IPO and Cisco Systems to Build World’s Largest Cloud Network
Zynga, Inc. (NASDAQ: ZNGA) shares drifted higher after the anticipated IPO from King Digital Entertainment, maker of the Candy Crush mobile app, was priced late Tuesday. This would be the latest young company to file for an IPO. The initial public offering raised $500 million for the 10 year old company. King Digital is offering 15.5 million shares at between $21 and $24 a share. At the upper end of this range, the company’s valuation of $7.6 billion would be nearly double Zynga's $4.11 billion market capitalization. A spokeswoman for King declined to comment on the company's proposed valuation.
Zynga Inc. develops, markets, and operates online social games as live services played on the Internet, social networking sites, and mobile platforms in the United States and internationally. The company offers online social games primarily under the FarmVille, Words With Friends, and Zynga Poker franchises.
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Cisco Systems, Inc. (NASDAQ: CSCO) announced that it is planning to invest $1 billion over the next two years to build a federated intercloud network infrastructure on OpenStack’s framework. Cisco is partnering up with Australian telecom carrier Telstra, Canadiana communications provider Allstream, European cloud company Canopy, Indian IT company Wipro, and wholesale communications technology distributor Ingram Micro. This would be the world’s largest network facilitating cloud computing.
The network will be based on the OpenStack IaaS infrastructure, in order to handle a significant amount of work on any virtual machine manager. It will enable interaction and interoperability between both private and public clouds. OpenStack is an IaaS, or infrastructure-as-a-service, open-source cloud platform that was contrived in 2010 by RackSpace and NASA.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP) and other products related to the communications and information technology industry worldwide. It provides switching products, including fixed-configuration and modular switches, and storage products that provide connectivity to end users, workstations, IP phones, access points, and servers, as well as function as aggregators on local-area networks and wide-area networks; and routers that interconnects public and private wireline and mobile networks for mobile, data, voice, and video applications.
Get more information on Cisco Systems, Inc. free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/CSCO
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