Take-Two Shares up 7% on Q3 Results and Future Game Titles

Take-Two Interactive (NASDAQ:TTWO) is counting on new releases including "BioShock 2," "Mafia II" and "Max Payne 3" to help end its slump in the next fiscal year, which begins for the company in November.  Shares of TTWO are up 7% today after reporting better than expected Q3 results but the main force rocking the stock today is the hope of their new titles.

Take-Two Interactive today announced its third-quarter fiscal results for the period ended July 31st yesterday. Total sales were $138.6 million, which is way down compared to $433.8 million for the same quarter of fiscal 2008, which benefited from the post-launch performance of GTA IV. Net loss for the quarter was $55.5 million (or $0.72 per share) compared to net income of $51.8 million (or $0.67 per share) in the third quarter of fiscal 2008.

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Take-Two should finish the year strong. The publisher's Q4 slate includes The Ballad of Gay Tony episodic DLC for Xbox Live, the retail disc of Episodes from Liberty City for Xbox 360, GTA: Chinatown Wars and Beaterator on PSP and iPhone/iPod Touch, NHL 2K10, as well as the aforementioned NBA 2K10 and Borderlands.  Then there comes "BioShock 2," "Mafia II" and "Max Payne 3".

BMO Capital Markets analyst Edward Williams said, "We expect the balance of the year to be difficult for (Take-Two) owing to the release schedule, but (fiscal year 2010) is taking shape and holds promise if the company can execute."

Williams reiterated a "Market Perform" rating on shares and raised his price target to $10 from $8. Take-Two shares climbed 39 cents, or 3.8 percent, to $10.55 in morning trading.

Heath Terry, of FBR Capital Markets, said in a note to investors that "the company has a steady line up of titles beginning next month."

All this is good press for Take-Two, let's hope the momentum continues for shareholders.

SOURCE: http://wallstnation.com/node/1871