Not Everyone Excited About New Zynga CEO and Layoff News

Say this on news this morning. Interesting!!

24/7 Wall St.

200325572-001Zynga Inc. (NASDAQ: ZNGA) has enjoyed a sudden new interest from traders on news that Don Mattrick has been hired away from the Microsoft Corp. (NASDAQ: MSFT) Interactive unit. The stock enjoyed a gain of about 10% on the news on Monday, but one analyst is taking a positive yet cautious view here. Sterne Agee’s analyst team of Arvind Bhatia and Brett Strauser are only maintaining a Neutral rating on Zynga. The outlook is that the company has a product issue rather than a management issue.

Don Mattrick will be CEO and founder Mark Pincus will remain chairman and chief product officer of Zynga in the management change. Mattrick most recently was president of Microsoft’s Interactive Entertainment division and was very visible during the announcement of Microsoft’s new Xbox One console. Prior to that, he was president of Worldwide Studios at Electronic Arts Inc. (NASDAQ: EA)…

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