American billionaire investor Wilbur Ross recently
bought shares of E2open Inc (NASDAQ:EOPN) adding to his portfolio, while he
added more shares of Zynga Inc(NASDAQ:ZNGA).
Ross bought 1,323,700 shares of E2open Inc., after it
held its IPO July 26, offering 4,687,500 shares priced at $15 per share.
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E2open provides cloud-based solutions for global
trading networks.
For the second quarter ending Aug. 31, the company
reported revenues of $22.9 million, a record that increased from revenue of
$16.6 billion a year previously.
Net income increased to $4.57 billion, an increase
from $2.16 billion a year previously.
"E2open continued to execute at a high level
during our second fiscal quarter, leading to financial results that were better
than our expectations," said Mark Woodward, E2open's President and CEO.
"Enterprises are increasingly demanding
cloud-based supply chain solutions to improve collaboration, visibility and
efficiency of their global trading networks. E2open is benefiting from this
demand as a result of our market leadership position and track record of
providing the solutions that support some of the largest supply chains in the
world."
Wilbur Ross, who specialises in buying up distressed
companies and turning them around, also bought 190,320 shares of Zynga in the
third quarter at an average cost of $4 a share. This takes his total holding in
the company to 1,034,646 shares.
For the third quarter Zynga reported a net loss of
$52.7 million, compared to net income of $12.5 million a year previously. The
net loss included an impairment charge of $95.5 million from intangible assets
when it purchased OMGPOP and stock-based expense.
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