$ZNGA Will look to time for a short. SunTrust Bank upgrade added hot air. I see there being a lot of pressure down the road. I like the idea of shorting now due to a more leveraged balance sheet with those converts and contingent obligations on there. Lot of cash came from deferred revenue plus sale leaseback of SF headquarters so that flips to a lot of cash outflow. I think they’ll continue to overspend and the picture will deteriorate fast. Market and analysts acting oblivious to this possibility. Just wanted to look sexy short-term by Small Giants acq. I see the converts as removing some risk to the upside.
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