Yahoo Finance Videogame Sector Loses Another Life Midday
Investing.com - The videogame sector is probably looking for the reset button as another big name was punished by the market in midday trading.
Activision Blizzard (NASDAQ:ATVI) fell about 11% at 11:55 AM ET (16:55 GMT), the latest stock to get blasted by investors.
Shares have now lost about 35% since Oct. 1.
Activision reported earnings after the bell yesterday and beat on the top and bottom lines. But it also warned on fourth-quarter profit and revenue.
Shares had only recently taken a hit on gamer derision over it releasing the latest iteration of its Diablo franchise “Diablo: Immortal” as an app.
The sell-side analyst community generally kept their top ratings on the stock after the numbers, but expressed concerns.
The company recognizes the need for change and is exploring new business models, Oppenheimer said, according to Briefing.com.
Also in the sector, Take-Two Interactive (NASDAQ:TTWO), which fell recently despite upbeat guidance on sales of “Red Dead Redemption 2," lost a further 6%.
Electronic Arts (NASDAQ:EA), which hasn’t recovered from a delay in its latest Battlefield title, shed another 3.8%.
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