Glu Mobile set for growth
Mobile
gaming company Glu Mobile Inc.(NASDAQ:GLUU) has been given a ‘Buy’ rating by B.
Riley and Co. with a target of $6.5. With its focus now on smartphones and
tablets, the company is “well positioned for the
rapid adoption of Apple and Android devices” according to analyst Eric
Wold.
He
further writes in his report, “"Under new
management, the company has correctly shifted its model towards smart devices
while adjusting its game development cycle to lessen risk and game failures.”
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The
problems in rival company Zynga have rubbed off on Glu, with the latter’s
shares not performing. Shares of Zynga, the company which designs games for
Facebook, mobile devices as well as its own website, have seen an erosion of 70
percent of their value at the time of the December IPO.
"Big Time
Gangsta," ''Blood & Glory," ''Bug Village," ''Bombshells:
Hell's Belles" and "Contract Killer: Zombies" are some of the
games made by Glu.
Shares
of GLUU fell 3% to $4.76 after surging 1.50% in the previous trading session.
Nokia Siemens initiates employee discussions
on job cuts
Meanwhile,
Nokia Corporation (ADR)(NYSE:NOK) Siemens Networks has begun to discuss the
issue of job cuts with employees in Finland. 400 jobs are expected to be
slashed in the country. The trimming down is part of the company’s plans to
rationalize operations.
Last
year, the company had said that it will shed a quarter of its work force, or
17,000 jobs. This would result in savings of $1.3 billion by end of next year.
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The wireless
network is a joint venture between Finland’s Nokia and Germany’s Siemens AG and
provides infrastructure for running mobile and fixed line networks. It has been
struggling due to the severe competition in the network infrastructure space.
The
Espoo based company operates in 150 countries and has 6200 employees in Finland.
Shares of
NOK soared 5.30% to $2.90.
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