Stock Report: April 7 - 11
US stocks saw their biggest decline in five weeks on disappointing quarterly earnings reports
US stocks fell again - the biggest loss in the past five weeks - during a week that saw GE unexpectedly cut its annual profit forecast on quarterly earnings that declined for the first time in five year.
The Dow closed at 12,325.42, down 256.56 or 2.3 per cent. The S&P 500 ended the week down 27.72, or 2.7 per cent, to 1,332.82. NASDAQ, meanwhile, was also down approximately 2.61 per cent to 2,290.24.
Several proposed acquisitions involving players in the games industry remain unsettled - among them Microsoft's offer for Yahoo, EA's bid for Take-Two and an alleged acquisition of SCi by an unknown party.
Bloomberg reported that Yahoo is considering a plan to swap a 20 per cent stake in the company for control of AOL and a cash investment from Time Warner. Yahoo should be meeting with both Time Warner and Microsoft during this next week.
With the launch of GTA IV only a few weeks away, EA's offer to purchase Take-Two expires this coming Friday - a day after Take-Two's board meeting. Some analysts have speculated that if EA's offer is accepted it could delay the release of the game, but the company risks angering consumers and retailers if it does so.
GamesIndustry.biz learned that Warner Bros. plans on announcing an impending European acquisition - leading many to believe that it is SCi's most likely suitor.
Selected stock movements in the past week (at time of writing):
| Nintendo | 544 - 550 | +1.10% |
|---|---|---|
| Ubisoft | 58.24 - 58.15 | -0.15% |
| SCi | 60.50 - 60.25 | -0.41% |
| Take-Two | 25.61 - 25.39 | -0.86% |
| Activision | 27.40 - 27.10 | -1.09% |
| Namco Bandai | 14.10 - 13.83 | -1.91% |
| Infogrames | 13.05 - 12.79 | -1.99% |
| Sony | 41.90 - 40.76 | -2.72% |
| Microsoft | 29.16 - 28.28 | -3.02% |
| EA | 51.94 - 50.21 | -3.33% |
| Konami | 42.40 - 40.68 | -4.06% |
| THQ | 22.22 - 21.01 | -5.45% |
| Midway | 2.90 - 2.65 | -8.62% |
| Sega | 12.71 - 11.30 | -11.09% |
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.