Phil Elliott
11:30 (BST)
25/01/2008
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Mixed fortunes for THQ, Take-Two
THQ's stock plummets on cancellations, while GTA IV release is good for Take-Two
Share price movements in THQ and Take-Two contrasted wildly today following bad news from one, and good news from the other.
After THQ announced yesterday that it was cancelling a number of franchises, including the Juiced and Stuntman series of games, and closing its Concrete Games studio, the company's share price plummeted, falling 22 per cent to USD 19.51.
That was despite a rise in the expected revenues for the year on the back of better-than-expected sales of selected titles, including WWE Smackdown! vs Raw 2008.
In contrast, Rockstar's announcement that it had set a concrete release date for the much-anticipated Grand Theft Auto IV - and the implication that any platform complications have been left behind - saw publisher Take-Two's share price rise almost 11 per cent to USD 16.00.
We'll have a full round-up of the sector's financial movements this week on Monday with our regular Stock Report feature.
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