The Five Dumbest Things on Wall Street This Week
The Five Dumbest Things on Wall Street This Week
Man. An ex-CEO accused of accounting fraud but evading the long arm of the judicial system. If that isn't a Symbol of something going on these days, we don't know what is.
5. Take Two on Take-Two
This week, video-game publisher Take-Two Interactive Software (TTWO) lowered guidance for its current fiscal year. Again. Back in April, you may recall, the video-game publisher cut guidance for the year ending Oct. 31. The net sales forecast for fiscal 2004 came down 4%, and the diluted net income per share prediction was cut 18%. Take-Two blamed lower-than-anticipated sales of the company's older titles, as well as changes in the company's schedule of new releases. Based on that and some other bad news -- the CEO's resignation, for starters -- Take-Two's shares dropped 9% when the numbers came out April 14, closing at $31.92. This week, Take-Two went through the routine again. On Tuesday, the company cut its net sales forecast another 3%, and lopped 19% from its guidance for diluted net income per share. Shares dropped 5% Tuesday to close at $28.37. Again, the company cited lower-than-expected sales of the company's older titles and changes in the company's schedule of new releases. Better watch out, Take-Two. As any video-game player would know, you only start out with three chances not to screw up. If you mess up one more time on guidance this year, it'll be Game Over.TheStreet Premium Services
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