Dissident institutional investors have taken over Take-Two Interactive (TTWO). They have fired the CEO and put in new management. The process of putting the company into play and the general recovery of video game stocks as Microsoft (MSFT), Nintendo, and Sony (SNE) have launched new platforms moved TTWO stock up from just above $9 last July to $21 recently. The stock came close to $25 a little over a week ago.
The fact of the matter is that Activision (ATVI) and Electronic Arts(ERTS), the other two big video game companies are also up. They Xbox,Wii, and Playstation drove the shares, not dissident shareholders orgreat management.
Take-Two does have options accounting issues, but so do scores ofother companies. Stock price performance at many of these has not beenhurt, at least over the long haul Activision is involved in an optionsprobe and its share are up almost 40% over the last year.
Take-Two’s fiscal first quarter revenue beat Wall St. expectations.As new game consoles continue to sell well and move into new marketslike Europe, the revenue of Take-Two and its rivals will be lifted as amatter of course.
The new Take-Two management is really not something the companyneeded to keep the stock price moving up. But, they may be thebeneficiaries of the trend that is driving it that way.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
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