Candy Crush’s First Day On The Stock Market Was The Worst In 2014
In case you’ve been living under a rock of gigantic proportions, you probably would have heard that King, developers of the Candy crush Saga, took their company onto the stock market for the first time yesterday. As far as bad days go however, King just had the worst in 2014.
And that’s not just a figure a speech either. King experienced the single worst first day of trading in 2014, and it seems like a record that will struggle to be broken soon.
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The company introduced Candy Crush stock at $22.50, after it valued the IPO at around $7 billion just a few days before. Before the end of the day the stock had dropped by 15.5%, closing at around $19 a share.
Some of the reasons being cited by financial analysts that know far more than me suggest that investors are still trying to get the bad Zynga taste out of their mouths, preventing a lot of interest in the mobile games market. Others believe investors are cautious of a product that is popular today and could not be tomorrow.
Or, in more karmic fashion, maybe no one likes the way King has been conducting business over the past few months. First the loss of their copyright claim, and now this.
How you feeling, King?