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:
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