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Stock Market: May 19-23

US stocks extend their decline with a 3 per cent drop in the major indices on concerns of rising oil prices

The biggest weekly retreat since February was extended this last week as US stocks declined on concerns of rising oil prices as well as a housing recession.

The S&P 500 closed the week at 1,375.93 - a 3.5 per cent loss. The Dow Jones Industrial Average declined 3.9 per cent on the week to end at 12,479.63. NASDAQ dropped 3.3 per cent from last week to 2,444.67.

GameStop reported USD 1.8 billion in sales and USD 62.1 million in net earnings for the first quarter ended May 3, 2008. Ubisoft, meanwhile, reported full year profits of EUR 109.8 million (USD 173 million) - up from EUR 40.5 million a year earlier - with sales up 36 per cent to EUR 928.3 million (USD 1.45 billion).

Electronic Arts once again extended its acquisition offer for Take-Two, which expired a week ago. The latter's stock price hasn't risen despite the phenomenal sales of GTA IV, suggesting that investors have already factored that into the equation. The stalemate continues - with no news of an alternative suitor for Take-Two, and no indication that EA intends to raise its offered price.

Selected stock movements in the past week (at time of writing):

THQ 18.85 - 20.5 +8.75%
SCi 47.50 - 51.50 +8.42%
Activision 32.94 - 32.84 -0.30%
Take-Two 27.10 - 26.92 -0.66%
Konami 38.24 - 37.58 -1.73%
Namco Bandai 13.97 - 13.69 -2.00%
Nintendo 599 - 586 -2.17%
EA 49.60 - 48.34 -2.54%
Midway 2.20 - 2.14 -2.73%
Sony 49.50 - 48.05 -2.93%
Infogrames 12.30 - 11.65 -5.28%
Microsoft 29.99 - 28.05 -6.47%
Sega 11.78 - 10.79 -8.40%
Ubisoft 69.90 - 63.92 -8.56%

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.

Author

Mark Androvich

Contributor

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