Take-Two Stock Dips Following BioShock 2 Delay
The announcement of BioShock 2's delay into fiscal 2010 had major repercussions for publisher Take-Two's financial situation, causing stocks to dip dramatically.
Gamers weren't the only ones shedding tears over yesterday's announcement of BioShock 2's delay into 2010 - investors were apparently upset about it too. Take-Two, the parent company of BioShock 2 publisher 2K Games, saw the value of its stock decrease dramatically in the wake of the announcement.
Though the company's stock had begun on an up for yesterday, having climbed some 1.6 percent over the course of the day, the announcement drove shares down in the hours after trading ended, leaving the stock down by 13.1 percent. Currently, the stock sits at around $8.12 per share, down 9.58 percent, which isn't great, but an improvement.
Talk about a crisis of investor confidence. Then again, Take-Two isn't really beating around the bush about how valuable it'll be in 2009: the company suggested [http://www.vg247.com/2009/07/13/take-two-doesnt-expect-a-profitable-2009/] yesterday that it wasn't expecting a profit for this year at all, which was sure to inspire some of the shareholders on that conference call.
Take-Two announced Max Payne 3, Red Dead Redemption and Mafia II would release in 2010 along with BioShock 2, effectively making next year the new "Year of Take-Two" in some sense, and giving a silver lining to yesterday's bummer of an announcement. You'd think, then, that the stockholders could sit content with the knowledge they can hold on to the stock and just ride out 2009 knowing 2010 will be better, but I guess they really wanted to find out who the Big Sister is, too.
[Via GI.biz [http://www.gamesindustry.biz/articles/take-two-stock-plummets-on-delays-announcement]]
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The announcement of BioShock 2's delay into fiscal 2010 had major repercussions for publisher Take-Two's financial situation, causing stocks to dip dramatically.
Gamers weren't the only ones shedding tears over yesterday's announcement of BioShock 2's delay into 2010 - investors were apparently upset about it too. Take-Two, the parent company of BioShock 2 publisher 2K Games, saw the value of its stock decrease dramatically in the wake of the announcement.
Though the company's stock had begun on an up for yesterday, having climbed some 1.6 percent over the course of the day, the announcement drove shares down in the hours after trading ended, leaving the stock down by 13.1 percent. Currently, the stock sits at around $8.12 per share, down 9.58 percent, which isn't great, but an improvement.
Talk about a crisis of investor confidence. Then again, Take-Two isn't really beating around the bush about how valuable it'll be in 2009: the company suggested [http://www.vg247.com/2009/07/13/take-two-doesnt-expect-a-profitable-2009/] yesterday that it wasn't expecting a profit for this year at all, which was sure to inspire some of the shareholders on that conference call.
Take-Two announced Max Payne 3, Red Dead Redemption and Mafia II would release in 2010 along with BioShock 2, effectively making next year the new "Year of Take-Two" in some sense, and giving a silver lining to yesterday's bummer of an announcement. You'd think, then, that the stockholders could sit content with the knowledge they can hold on to the stock and just ride out 2009 knowing 2010 will be better, but I guess they really wanted to find out who the Big Sister is, too.
[Via GI.biz [http://www.gamesindustry.biz/articles/take-two-stock-plummets-on-delays-announcement]]
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