Mark Androvich
01:00 (BST)
08/03/2008
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Stock Report: March 3 - 7
No progress on Take-Two acquisition; Infogrames offers to buy Atari Inc.
The US stock markets continued to decline following a Labor Department report of the loss of 63,000 jobs last month.
The Dow Jones Industrial Average fell 3 per cent for the week to 11,893.69. The S&P 500 declined 2.8 per cent during the week, ending at 1,293.37 - its lowest level since August 2006 - while the Nasdaq dropped 2.6 per cent to end the week at 2,212.49.
Infogrames welcomed Phil Harrison as its president this week, even as the company executed a 1-for-100 reverse share split. By the week's end the company's stock was at EUR 14.05 (21.54 USD).
Infogrames - the majority shareholder of Atari Inc. - also made an offer to acquire all of the outstanding shares in that company ofr USD 1.68 per share. Although the offer has not yet been accepted or rejected, Atari Inc stock closed the week at USD 1.66.
Meanwhile, Take-Two's Strauss Zelnick reiterated his company's rejection of a takeover bid from Electronic Arts, telling the Hollywood Reporter that they have a bright future as an independent company.
Take-Two's stock declined slightly from last week as no further progress was made towards acquisition.
Shares in Konami rose 16.09 per cent from last week, even though the company made no major announcements and is not releasing its major title for the year - Metal Gear Solid 4: Guns of the Patriots - until June.
Midway's stock fell to its lowest level in several years after the company reported a loss of 97.4 million for 2007.
Selected stock movements in the past week (at time of writing):
| Konami | 32.81 - 38.09 | +16.09% |
|---|---|---|
| SCi | 39.00 - 40.50 | +3.85% |
| Microsoft | 27.20 - 27.87 | +2.46% |
| Activision | 27.22 - 27.29 | +0.26% |
| Nintendo | 534.13 - 534.18 | +0.01% |
| EA | 47.29 - 46.31 | -2.07% |
| Sega | 11.61 - 11.30 | -2.67% |
| Take-Two | 26.50 - 25.57 | -3.51% |
| THQ | 18.71 - 18.02 | -3.69% |
| Ubisoft | 55.90 - 53.44 | -4.40% |
| Sony | 47.21 - 44.32 | -6.12% |
| Midway | 2.00 - 1.75 | -12.5% |
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.
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