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
- Junk Economics: Michael Hudson Rages "Wall Street Has Taken Over The Economy.. & Is Draining It" | ZeroHedge
- Hillary Will Be The Least Of Your Worries - America Has Economic Diarrhea | ZeroHedge
- It's The Debt Stupid: Scotiabank Warns "At Some Point 'The Future' Becomes 'Today'" | ZeroHedge
- China's Most Innovative Capital Outflow Yet: Buying Legendary Italian Football Club AC Milan | ZeroHedge
- As Oil Rises, US Shale Companies Have Begun Increasing Oil Production | ZeroHedge
- "You've Lost Their Confidence" Tom Coburn Exhorts Congress "America Doesn't Trust You Anymore" | ZeroHedge
- SEC Begins Crack Down On Non-GAAP Accounting Gimmicks | ZeroHedge
The most relevant financial news and articles from the Internets
- Nokia to buy wearables maker Withings (NOK) | Business Insider
- A comment from a coworker made me realize I've been deluding myself about money... | Business Insider
- Anthony Bourdain explains why the New York City... | Business Insider
- Only 1% of people don't have this ability | Business Insider
- Warren Buffett brilliantly explains how bubbles are formed | Business Insider
- THE DISRUPTION OF MOBILE VIDEO... | Business Insider
- THE GLOBAL SMARTPHONE REPORT: The forces behind the global deceleration in... | Business Insider