Zynga has another bad day

The online gaming company, in its second day of trading, fell another 45 cents a share, to close at $9.05 - almost a full dollar below its offering price. This rarely happens with highly anticipated offerings. Other social network companies have taken hits: Groupon dropped 4.5 percent, though it's still 10 percent above its November IPO price; and LinkedIn closed at $64.94, roughly half the price it was trading for earlier in the year. This is bound to raise concerns about future IPOs for Facebook and Twitter, though I would argue that Zynga's offering is flailing because of its shaky business model.