Yahoo layoffs looming? Plus Apple, Zynga shares fall

Yahoo is preparing to lay off thousands of workers, possibly by the end of the month, according to Kara Swisher at AllThingsD, whose scoops about Yahoo have included its board shake-up. The cuts will reportedly target areas such as products, marketing, public relations, research and more. The move is among the first of the big changes under new CEO Scott Thompson, who joined the Sunnyvale company in January. When the former PayPal president came on board, we wondered whether he could bring Yahoo’s mojo back. Among other things, Yahoo has struggled against faster-growing Facebook and Google. Now, along with recent reports that Yahoo is threatening to sue Facebook over patents, it looks so far like Thompson will be aggressive in trying to bring about change.

Yahoo shares are down less than 1 percent to about $14.65 as of this post amid a broader sell-off in tech stocks.

Apple shares are off almost 2 percent this morning to about $534.75, reportedly after Deutsche Bank mentioned the possibility of “selling the news,” meaning they could dump their Apple shares after the company’s expected announcement of the iPad 3 Wednesday.

Zynga, meanwhile, is seeing a sell-off after its big gains last week. The San Francisco social-game maker’s shares are down more than 6 percent to about $13.80 as of this post. JPMorgan reportedly cut its rating of Zynga after the company’s shares reached its target price of $15 last week, with an analyst saying Zynga’s prospects in online gambling and its upcoming standalone gaming platform could take a while to pay off.

 

 

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