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See more | Photo caption Healthcare in Appalachia Remote Area Medical clinics bring free medical care to uninsured people in Appalachia and elsewhere. Slideshow A city destroyed Amid the ruins of the Syrian city of Homs. Slideshow Facebook shares pressured by Zynga ahead of results Tweet Share this Email Print Related News Zynga shares slump on fading "Farmville" fortunes 11:07am EDT Zynga takes axe to outlook, spooks Facebook investors Wed, Jul 25 2012 Zynga slashes outlook, denting its stock and Facebook's Wed, Jul 25 2012 Akamai sees upbeat third quarter; shares rise Wed, Jul 25 2012 S&P 500, Nasdaq fall on Apple's miss; Dow rises Wed, Jul 25 2012 Related Topics Tech » Money » Media » Facebook » Related Video LIGHTNING ROUND: Analysts have "no idea" on Facebook results Wed, Jul 25 2012 Facebook website pages opened in an internet browser is seen in this photo illustration taken in Lavigny May 16, 2012. Credit: Reuters/Valentin Flauraud By Angela Moon NEW YORK | Thu Jul 26, 2012 12:22pm EDT NEW YORK (Reuters) - Facebook shares tumbled ahead of its first quarterly results announcement as a public company on Thursday, hurt by a weak quarterly report and a grim outlook from online game developer Zynga. Facebook Inc shares dropped 7 percent to $27.65 in premarket trading while Zynga Inc slumped 40 percent to $3.04 - the two most heavily traded stocks before the bell on Nasdaq. "Considering that Zynga was a recent IPO, it's another black eye for Wall Street. You bring up an IPO and you get burnt again and again," said Joe Saluzzi, co-founder of Themis Trading LLC in Chatham, New Jersey. Zynga's results are "not creating good confidence in the sector as they (social media companies are) certainly related to each other." The fate of the two companies is intertwined, with Zynga's games, such as "FarmVille" and "CityVille," helping to make up more than a tenth of Facebook's revenue last year. Late on Wednesday, Zynga slashed its 2012 outlook and the company's quarterly results badly missed Wall Street targets. A number of brokerages cut their price targets on the company on Thursday, including Wedbush, Citigroup and Lazard, casting some uncertainty over Facebook ahead of its inaugural results after the close of trading Thursday. Earlier this week, the options market was forecasting a 14 percent move up or down in Facebook shares following the results. That means options investors expect the stock to rise to as much as $32 by Friday or to fall to as low as $24. Since the IPOs, shares of Facebook and Zynga have been in a downward spiral. Facebook, at $28.45, is off nearly $10 from its market debut price of $38 in May, and Zynga is at $4.92, nearly half its debut price of $9.50 in December. Despite the steep decline in their share prices, Facebook and Zynga are both trading well above their market valuations. Facebook is still trading at around 70 times earnings, according to Thomson Reuters data. An analysis by Thomson Reuters StarMine puts the company's intrinsic value at a modest $9.72 a share, or about one third its current value, based on estimates of the company's projected growth for the next decade. Earlier in the week, analysts, on average, were expecting revenue in the second quarter to grow 28 percent to $1.15 billion. With over 900 million users, Facebook is the world's largest social networking company, challenging established Web companies for consumers' online time and for advertising revenue. (Editing by Bernadette Baum) Tech Money Media Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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