Do you think its worth buying at this point?
I thinking it could be a very short term trade, but it is scary?
Results 1 to 5 of 5
ZNGA - Opinions
Do you think its worth buying at this point?
I thinking it could be a very short term trade, but it is scary?
This would've been a good play last week before earnings and the situation in NJ when it was $2.70. Since Christie vetoed the bill and passed it back now for the second time, it will be interesting to see what takes place. CZR, BYD and MGM all saw much bigger pops than ZNGA. ZNGA's deal with BWIN in the UK is interesting but still shuts out the USA landscape.
Legalized poker has been on the table for the last few years but not one state has stepped forth to get it done in whole. Even if NJ or NV legalize internet gambling it will be for in state residents only. A great start but a long way to go.
I would sit back on this one and just monitor it closely.
Good thing you didn't jump in yesterday. Down 10% right now. I would look to see what happens the next few days. If it continues to sell off, it will give you a window of opportunity. If and when and I believe it's only a matter of when that Christie signs off on legalizing it in NJ this and CZR, BYD, MGM will go upwards again. Poker Stars is buying a casino in NJ and that will open the door to get back into the US legally.
Don't feel bad, the bottom looked awful! Besides the potential for the gambling component this company is awful. I honestly thought it was a scam the day of the IPO. I watched the founder and CEO very closely and vowed I wouldn't touch it unless there was a change. Like someone said already, gaming is a really tough one to figure out and looks like it really beats you up once you're in.
