Take-Two Takes a Tumble

Take-Two also said that Gary Lewis resigned as global chief operating officer to "relocate back to Europe." The company has initiated a search for his successor.

One of Take-Two's major competitors also gave investor reason to worry last month; Electronic Arts(ERTS Quote) warned that its sales and earnings in the holiday quarter -- the most important of the year for the video-game industry -- will be "well below" its own previous outlook and the Street's expectations. And video game-software sales plunged 18% in November, marking the third-straight month of weak sales.