GTA V Delayed, TTWO falls 7%
Take-Two Interactive (TTWO) shares fell 7% today after announcing that Grand Theft Auto V is delayed until Sept 17th 2013. The news could have been worse and don't forget TTWO still has BioShock Infinite ready to release on March 26th.
The sell-off is typical for Take-Two and not a surprise reaction for traders. Keep in mind Take-Two caries a 24% short interest and volatile swings are typical events. Take-Two posted the following consolation notice on their website today:
We know this is about four months later than originally planned and we know that this short delay will come as a disappointment to many of you, but, trust us, it will be worth the extra time. GTAV is a massively ambitious and complex game and it simply needs a little more polish to be of the standard we and, more importantly, you require.
It's a big whatever but possibly a chance for those waiting on the sideline to enter the stock before the expected run up (read Take-Two: A Classic Pullback). To wet your appetite for BioShock Infinite checkout their e-book prequel, BioShock Infinite: Mind in Revolt available on Amazon. Mind in Revolt was written by Joe Fielder with creative director Ken Levine. The e-book will give gamers insight into the sky-city of Columbia before the upcoming game begins.
Bottom line: Take-Two earnings are next week, prepare for another 'do or die' trading day. However with a new BioShock and GTA release in 2013 TTWO shares could finally fight back.
TTWO Chart for today & TTWO 6 Month Chart:
Best of the Blogs
Scanning and identifying the best blog entries every hour
- ECB's Bizarro QE Taper May Add To Summer Bond Market Volatility, Citi Says | ZeroHedge
- Frontrunning: May 27 | ZeroHedge
- Easy?! | Financial Sense
- Today's Economic Data Enough To Push Q2 GDP By Whopping 0.1% To 0.8% | ZeroHedge
- The Happiness Industry: How Government And Big Business Manipulate Your Moods For Profit | ZeroHedge
- Housing Data Rebounds; Walmart Disappoints | Financial Sense
- Why Tesla's Batteries Won't Work For Roof-Top Solar | ZeroHedge
The most relevant financial news and articles from the Internets
- Ten Things Only Bad Managers Say | BusinessWeek
- Here's one sign Snapchat is dominating... | Business Insider
- How Burger King turned business around to dominate fast food | Business Insider
- 'Destiny' is so much better than it was nine months ago | Business Insider
- This single African oil site... | Business Insider
- B.B. King death to be investigated as homicide | Business Insider
- Former Apple CEO John Sculley admits Steve Jobs never... | Business Insider