New 52-week Low for Nintendo

Nintendo Co. (PINK:NTDOY) shares hit a new 52-week low today of $29.30.  Since Feb 18th Nintendo shares have dropped a staggering 23%.

Traders were not impressed today after the company reported profit falling 66% in its latest fiscal year, 3DS sales falling short of expectations and top it off with Wii sales falling off a cliff.

The only bright spot is Nintendo announced plans to release a new home console to the masses in 2012.  Nintendo shares are down 3.76% and trading around $29.60 a share.

Here's the 411 from CNET.com

 n its fiscal year that ended March 31 (PDF), Nintendo generated revenue of 1.01 trillion yen ($12.32 billion), representing a steep 29 percent decline year over year. The game company posted a full-year profit of 77.6 billion yen ($946.7 million). That figure was down a whopping 66 percent year over year.

Nintendo's earnings report signals continued trouble at the venerable game company. In September, Nintendo released its six-month earnings statement, which included a $24.6 million loss. During the first nine months of the fiscal year, its revenue and profit tallies were down 31.7 percent and 74.3 percent, respectively.

Read more: http://news.cnet.com/8301-13506_3-20056973-17.html#ixzz1KZHLwZOD