Wall Street Winces At Zynga Event As Shares Tumble Nearly 5%

It's been a super tough few months for Zynga and internal morale at the company. After Facebook's lackluster IPO and the lock-up period for employees broke, Zynga shares have slipped more than 30 percent since May. Today could have been a reprieve for the company, which had its big annual launch event today in San Francisco. Shares were up early in the morning, but they dramatically sold off around 11:30 a.m. Pacific time by about 5 percent to $5.79. I'm not sure exactly why this happened -- as no one can ever fully understand the logic (or illogic) of the market -- but it was around the time that the company talked about casino games. It's possible that investors wanted something more certain about the future of Zynga's online gambling and casino revenues.

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