Why Are These Stocks Making Headlines Today?

Technical Trading Detected in Zynga Shares 

Zynga Inc (NASDAQ:ZNGA) opened sharply in the red before rallying all the way back into positive territory as technical traders remain in control of the stock. Although shares of the social gaming company have trended higher since February, Zynga Inc (NASDAQ:ZNGA) faces technical resistance at $2.70 per share and the company needs to show that it can execute and deliver sustainable earnings to its shareholders before more bulls will buy in. Traders are uncertain how Zynga will do as the company pivots to mobile and eventually virtual reality gaming. Although Zynga has almost $1 per share in cash, the company has made value-destroying acquisitions in the past, although it’s now under new leadership. Of the 786 elite funds that we track, 20 of them owned $509.61 million worth of Zynga Inc (NASDAQ:ZNGA) shares on December 31.

Charter Down as Merger With Time Warner Nearing Close

Charter Communications, Inc. (NASDAQ:CHTR) is 3.4% lower today as the company nears the official closing of its merger with Time Warner Cable Inc (NYSE:TWC). Charter received approval for the merger from the California Public Utilities Commission on May 12, marking the last regulatory approval needed to close the transaction. Because of the approvals, Charter expects to close the merger on or around May 18. Out of the funds that Insider Monkey tracks, 89 funds owned over half of Charter Communications, Inc. (NASDAQ:CHTR)’s float at the end of 2015.

Valeant Gives Additional Discounts

Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is 1.5% in the red after the drug company announced that it would grant hospitals rebates of anywhere between 10% to 40% off of Nitropress and Isuprel (subject to special conditions). One reason Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares have been crushed recently is because the company has earned a negative reputation as a chronic drug price hiker. By cutting prices, Valeant could improve its reputation and slowly work to regain the trust of shareholders and other investors again. Bill Ackman‘s Pershing Square is a major shareholder of Valeant and is working behind the scenes to turn the company around.

Disclosure: None