Crispy Gamer News

It was a tumultuous day on Wall Street today as a federal bailout plan voted down by Congress (by a margin of 228-205) caused a broad sell off on the Dow Jones Industrial Average and the NASDAQ. The Dow plummeted 778 points by the closing bell (the largest one-day decline since the 90’s), while the NASDAQ fell nearly 200 points on the news. Nearly 90 democrats and 130 Republican members in Congress put the bill down for a dirt nap, causing the usual partisan bickering and finger pointing. The American public, which largely did not want the bill, sat on the sidelines as our government proved how ineffective they could be. Good job!

Game related stocks and technology stocks were not immune to the chaos on Wall Street: technology stocks took a savage beating with Apple leading the way in a downturn for the sector. Microsoft was down $2.39, Apple lost 22.98, Intel lost $1.93, and Dell was down by $1.59. Game publishers were not immune to the volatility either: Majesco lost 0.08, EA dipped 3.63, Logitech fell 2.06, Take-Two lost .73, and THQ shaved off .87.

Source: Yahoo

A volatile stock market driven by woes of Lehman Brothers and other major financial institutions may be driving a massive sell-off this morning, but Take Two’s problems today are a direct result of a a long standing offer being taken off the table. On Sunday Electronic Arts announced that it was pulling $2 billion offer to buy out Take-Two. Today that news is taking effect, with Take Two shares losing $5.91 in early morning trading. That is a 26 percent decline in only a few hours and it is fueled by investors doing exactly what EA has done: moving on. The stock as of this writing is at $15.98.

That price is well below $17.36 - what the stock was being traded at in February prior to EA’s offer to buy the company.

(more…)