Take-Two Stock In the Toilet. Rebound Looming?
GameSpot reports that the stock of Grand Theft Auto series publisher Take-Two Interactive has been on hard times of late. The stock, listed on NASDAQ as TTWO, closed at 19.30 yesterday. Some of yesterday's up-tick is attributable to bargain hunters, attracted by TTWO's Tuesday closing price of 17.64, a two-year low.
On the other hand, buyers may have taken into account the fact that Take-Two has several high-profile titles launching between now and the holidays, including The Warriors (PS2, Xbox), GTA Liberty City Stories (PSP), and Civilization IV (PC). The firm also has a half-dozen launch window titles for next month's debut of the much-anticipated Xbox 360.
Back on July 21st, GamePolitics mused whether the Hot Coffee fiasco would adversely affect Take-Two's share price. The stock was trading at 27.07 immediately before the ESRB disclosed the results of its Hot Coffee investigation. Wedbush-Morgan analyst Michael Pachter told GamePolitics a few days later, "Investors shouldn't have punished the company for this. It reflects poor management oversight, nothing more."