In the US, stocks continued their decline in the worst week for the S&P 500 in over five years.
Fallout from the sub-prime mortgage debacle continued to hammer financial firms, but telecommunications companies also felt the pain after Sprint Nextel reported larger than expected subscriber losses and the need to cut around 4,000 jobs.
Fears of a recession led the Bush Administration to propose USD 150 billion in tax cuts and other measures in order to stimulate the economy.
In the games industry, SCi was in the spotlight for the second week in a row.
The stock declined dramatically last week after the company announced it had ceased takeover talks. This week, three key execs stepped down after shareholders reportedly pressured the board for their removal.
Following the departure of SCi's CEO, and the managing directors of publishing and studios, the company's stock rebounded somewhat - although it has not recovered completely.
Selected stock movements in the past week (at time of writing):
|SCi||62 - 73.25||+18.1%|
|Ubisoft||53.28 - 56.16||+5.4%|
|Konami||29.52 - 29.47||-0.2%|
|Activision||27.14 - 26.9||-0.9%|
|THQ||25.40 - 24.76||-2.5%|
|Sega||12.25 - 11.93||-2.6%|
|Microsoft||33.91 - 33.01||-2.7%|
|EA||52.86 - 49.42||-6.5%|
|Midway||2.47 - 2.29||-7.3%|
|Nintendo||600.00 - 553.00||-7.8%|
|Sony||55.84 - 51.44||-7.9%|
|Take-Two||16.36 - 14.71||-10.1%|
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.