Take-Two comes back from the Dead
They dropped the ball on delaying Grand Theft Auto IV until sometime in 2008. But it's BioShock that has investors and the Street jumping for joy.
In the last 2 days Take-Two's (TTWO) stock is up 18% and the Masters are loving every minute of it. Thanks to their new breakout hit BioShock, Wall Street is freaking out and investors are loading up on TTWO shares. BioShock has the smell of a major franchise, the creepy underwater game lets players shoot and solve mysteries from a first-person perspective and was one of the top games at this year's annual video game tradeshow E3.
Gamespot.com, which gave BioShock a rating of 9 out of 10, said the game featured "absolutely amazing atmosphere and visual design," and that's just one of many stellar reviews including a 10 out of 10 from GameDaily. You make the call fellow Masters, this new hit plus GTA coming, talk about your unplanned revenue boost. For those of you playing the stock, wait for the analyst upgrades to come in, they won't want to look bad so they'll at least raise target prices to save face on their latest round of downgrades.
Take-Two management - congratulations on kicking Wall Street in the shorts.
However, buyers beware the guys shorting this stock love to ride it down as quick as they can. The short float on Take-Two shares is at 35% as of July, so a ton of people just lost a lot of money in the past two days. The stock is on momentum right now without any backing from Wall Street saying "Take-Two's unexpected revenue from BioShock should put the stock at a price target of $17 by December, blah, blah, blah." So please Masters, use caution, and Take-Two haters out there -- hurts doesn't it?
Article written by: Ted Gottsegen
Article posted on: August 21st, 2007
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Disclaimer: The Author does not own any shares or positions in any of the securities mentioned in this publication.