The video game industry has been dubbed “recession proof” from a number of analysts, but even they felt the blows of yesterday’s huge market losses. With the Dow Jones average dropping 777 points (the largest one-point drop in history), a number of publishing heavyweights were affected as well.
Share prices of Activision Blizzard fell 13.8 percent ($2.26) to finish the day at $14.12. Electronic Arts concluded the day down 9.16 percent ($3.63) at $36 even. THQ lost seven percent ($.87) to wrap the day at $11.48, and Take-Two lost 4.52 percent ($0.73) to finish at $15.43. For Take-Two, that also winds up being $10 less than their asking price during their dealings with Electronic Arts.
The impact of this was felt globally as well, with Ubisoft taking a big hit losing 12.47 euros per share closing at 45.50 euros. Eidos parent company SCi Entertainment was right behind them, losing 3.75 euros and closing the day at 26.75 euros. All of these losses came shortly after the US House of Representatives voted down the $700 billion bailout bill.
Market freefall drags down game stocks - [GameSpot]
Tags: activision blizzard, ea, free desktop stock ticker, sci entertainment, stock real time, take-two, thq, ubisoft, us economy
