Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of social gamer Zynga (ZNGA) have soared today by as much as 13% after AllThingsD reported that the company may get a new CEO.
So what: Microsoft (MSFT -0.66%) entertainment and gaming exec Don Mattrick is reportedly leaving the software giant and heading to Zynga to take a high-level position. Investors are expressing optimism that Mattrick will take over as CEO following Zynga's fall from grace under current CEO and founder Mark Pincus.
Now what: Mattrick has been at the center of Microsoft's controversy over its Xbox One, and the exec has extensive experience in the gaming industry. Zynga went public at $10 per share in late 2011, and is in desperate need of a turnaround. In April, Pincus agreed to cut his salary to $1 as a symbolic gesture. A month ago, the company laid off nearly a fifth of its workforce, which is expected to save $70 million to $80 million. If the reports are accurate, Mattrick's salary would be far more than $1, but hopefully investors will get something for what they pay for.
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