Jul 2, 2013

Posted by in Featured, Stock Market News | 0 Comments

Most Active Runners: Zynga Inc. (NASDAQ:ZNGA) and Sprint-Nextel Corp. (NYSE:S)

Most Active Runners: Zynga Inc. (NASDAQ:ZNGA) and Sprint-Nextel Corp. (NYSE:S)

Zynga Inc’s (NASDAQ:ZNGA) plan to bring in the chief of Microsoft Corp’s Xbox business to substitute founder Mark Pincus is a bold stroke, that was greeted on Wall Street, but it still remains unclear as to who is finally in charge at the underdog game-maker.

Don Mattrick was personally hired by Pincus. But, Pincus possesses 61 percent of the voting rights, because of a two-tiered stock structure and will remain Zynga’s chairman and its chief product officer.

Mattrick, who is credited with creating Microsoft’s Xbox business into a gaming powerhouse, wavered before deciding to take the job, people with knowledge of the events reported.

His doubts ultimately became dull, in a demanding bike ride through the Santa Cruz mountains one recent weekend, when Pincus opened up to Mattrick regarding how he had come to terms with handing over the reins at the firm he founded in 2007.

Sprint-Nextel Corp. (NYSE:S) must face a lawsuit for $300 million, put up by the New York attorney general, asserting the third-biggest US wireless carrier intentionally failed to pay sales taxes.

New York Supreme Court Judge, O. Peter Sherwood, refused Sprint-Nextel’s bid to dismiss the case, in a ruling dated June 27. He ordered lawyers for both parties to attend a hearing July 24.

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