Mark Androvich
23:05 (BST)
29/02/2008
Related articles
Stock Report: Feb 25 - 29
Take-Two up 52% on acquisition news; SCi restructuring
US stocks ended February on a down note, marking four consecutive months of decline - the longest losing streak since 2002. Poor consumer confidence, rising oil prices and falling home sales all contributed to the downslide.
The Nasdaq fell 60.09 points, or 2.6 per cent, to 2,271.48. It is now down 14 per cent year-to-date. The S&P 500 dropped 1.7 per cent to 1,330.74, with the Dow Jones industrial average falling 0.9 per cent to 12,266.39.
Take-Two saw its stock rise some 52 per cent during the week. Despite having initially rejected EA's takeover, most analysts believe that the company will eventually accept the offer - although perhaps closer to USD 30 per share than the USD 26 per share that was offered.
The proposed Take-Two acquisition led to briefs increase in the stock value of Midway and THQ - two companies considered as takeover targets - but by Friday only THQ showed an increase from the prior week. The company has been mentioned as a possible target for Ubisoft.
Sega continued to improve from its decline following announced operating losses and layoffs three weeks ago, gaining 20 per cent for the week.
Stock in SCi, however, dropped nearly 10 per cent for the week even as the company announced a restructuring plan.
Selected stock movements in the past week (at time of writing):
| Take-Two | 17.36 - 26.50 | +52.65% |
|---|---|---|
| Sega | 9.65 - 11.61 | +20.31% |
| THQ | 17.94 - 18.71 | +4.29% |
| Konami | 31.88 - 32.81 | +2.92% |
| Sony | 46.77 - 47.21 | +0.94% |
| Activision | 27.20 - 27.22 | +0.07% |
| Microsoft | 27.68 - 27.20 | -1.73% |
| Midway | 2.04 - 2.00 | -1.96% |
| Nintendo | 545.00 - 534.13 | -1.99% |
| EA | 49.74 - 47.29 | -4.93% |
| Ubisoft | 60.00 - 55.90 | -6.83% |
| SCi | 43.25 - 39.00 | -9.83% |
Please note that stock prices on differing markets may be influenced by separate local events, and shouldn't necessarily be compared like for like. This list is not a ranking of total market valuation; selected stocks only. Prices given in local exchange currency, except Tokyo stocks, which are converted into USD.
To comment on this article, or view other users comments, you need to register for the GamesIndustry.biz Network.
