IPO for Zynga
Big week for IPOs, with Zynga going public, along with fashion designer Michael Kors and nine other companies. Based on the amount scheduled to be raised, it may be the biggest week for companies going public in nine months. But Zynga tells us about how it's not all as good as it seems. It is looking to raise up to a billion dollars of stock in an IPO that will value it at $7 billion, but that's just half what it was valued at in August before the European debt crisis continued to roil markets and dent economic growth. Zynga's been telling potential investors it's working on its biggest-ever pipeline of online games.
Crayola said it's teaming with Ruckus Media Group to develop Crayola e-books and storybook apps that will work on smartphones, tablets and touches devices. The first three titles including Color-Me Adventures: Find that Dragon, coming out in iTunes next month. Crayola says the idea is that kids get to choose colors and objects that shape the story.