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Stock Report: May 5 - 9

The US stock market declined this week following three consecutive weeks of growth

Following three consecutive weeks of growth, US stocks declined this week - amidst news that the world's largest insurance company, AIG, needs to raise USD 12.5 billion to cover writedowns.

The S&P 500 dropped 9.4 points, a 1.8 per cent decline for the week, to 1,388.28. The Dow Jones likewise dropped 0.9 per cent to close the week at 12,745.88. NASDAQ was down 5.72 points, or 0.2 per cent, to 2,445.52.

In the games industry, Activision - which announced record net revenues of USD 2.9 billion for fiscal 2008, and a profitable fourth quarter despite not releasing any new titles - saw its stock rise over 16 per cent on the positive news.

Take-Two's stock, meanwhile, barely fluctuated despite the company reporting that GTA IV has earned USD 500,000 during its first week of release. Shares closed the week at USD 26.67 - about a dollar higher than EA's last offer for the company, which expires on May 19.

THQ also released financial results this week, reporting a net loss of USD 34.5 for the fourth quarter and USD 35.3 million for the fiscal year. It's shares were down 12.59 per cent from the prior week.

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

Activision 27.16 - 31.64 +16.49%
Take-Two 26.20 - 26.67 +1.79%
Nintendo 566.22 - 576 +1.73%
Ubisoft 64.38 - 64.85 +0.73%
Microsoft 29.24 - 29.39 +0.51%
Infogrames 12.61 - 12.50 -0.87%
EA 53.17 - 52.61 -1.05%
SCi 55.25 - 53.75 -2.71%
Konami 36.30 - 34.75 -4.27%
Sega 12.70 - 12.09 -4.8%
Sony 47.59 - 44.74 -5.99%
Namco Bandai 14.23 - 13.28 -6.68%
THQ 21.29 - 18.61 -12.59%
Midway 2.42 - 2.10 -13.22%

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