I don't have anything bad to say about Zynga. Sure, Farmville is stupid. But they have lots of extremely popular games, like Words with Friends, which I have become addicted to lately. They've built an impressive business in a short time and I'm sure they have a lot of very savvy developers in their arsenal.
But as you're seeing with today's price action, investors have grown wary of tech IPOs. Perhaps it's actually (counterintuitively) good news for them that they didn't pop huge out of the gate like some recent IPOs which popped, then fell flat as soon as short sellers could make their move.
I'd like to dig into the financials and projected growth and also examine the premise on everyone's mind - do they have a moat? Will it be easy for competitors to come in and encroach. I mean, people don't play Words with Friends because it's made by Zynga - non stock people mostly don't know what Zynga is even though everyone has heard of Farmville, Mafia Wars, and Words with Friends.
Maybe that is a testament though to their development staff. Or marketers. People play their games not out of any sense of brand loyalty but just because they're fun games (development staff) and all their friends are playing them (marketing).
I would consider a long on this stock once it's bottomed out, which I am saying will be around $8.