Sector Glance: Video Games
11.07.2007 19:40
Computers
- Source: Forbes
Shares of the biggest video game publishers were mostly flat on Wednesday, the first day of the E3 Media & Business Summit, where companies mingle and showcase upcoming titles. Upcoming games for Microsoft Corp.'s Xbox 360, for example, include the highly anticipated "Halo 3" and Take-Two Interactive Software Inc.'s "Grand Theft Auto IV," set for release Oct. 16. "Although there was no mention of pricing strategy in the presentation, we continue to believe a hardware price cut of $50 is likely on the Xbox 360 before the end of the summer," wrote Lazard Capital Markets analyst Colin Sebastian in a note to clients after attending Microsoft's presentation. Sony recently cut the price of the PlayStation 3 by $100. Sebastian also said that Activision Inc.'s investor meeting Tuesday afternoon provided an "upbeat growth outlook, including opportunities for significant margin expansion." Here is how some key video game and related stocks performed Wednesday: Electronic Arts, up 16 cents to $49.60. Activision, up 8 cents to $19.25. Take-Two, down 13 cents to $19.66. THQ Inc., up 25 cents to $30.50. Microsoft, up 16 cents to $29.49. Sony, down 5 cents to $52.08. _________ Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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