This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Take-Two Impresses in Extended Trades

NEW YORK (TheStreet) -- Trader screens plugged into Take-Two Interactive's (TTWO) ticker tomorrow will be flashing green thanks to Red Dead Redemption.

The game maker was the big winner in extended trading on Thursday after the company blew past Wall Street expectations for its fiscal third quarter and lifted its outlook for the rest of the year, largely because of heavy demand for the Western-themed video game, which has sold more than 6.9 million units since its release in May.

The stock jumped 13% to $9.99 in afterhours action, according to Nasdaq.com, on volume of 1.3 million. It was the biggest percentage gainer in extended trading, outpacing fiber optic products maker Finisar (FNSR), which rose almost 11% to $15.10 following its better-than-expected first quarter report on volume of 261,052.

The trailing three-month daily average volume for Take-Two's stock is around 2.1 million, and through Thursday's close at $8.85, the shares were down 15% so far in 2010.

After the close, Take-Two turned in a non-GAAP profit of $26 million, or 28 cents a share, for the three months ended in July, obliterating the average estimate of analysts polled by Thomson Reuters for a loss of 6 cents a share in the period. Revenue of nearly $355 million was more than 18% ahead of Wall Street's $301 million view.

For the fourth quarter, Take-Two now sees non-GAAP earnings of 20 to 30 cents a share and revenue of between $270 million and $320 million. That outlook compares to current consensus expectations for a loss of 13 cents a share in the October period on revenue of around $235.1 million.

The company said its expectation for continued profits in the fourth quarter was based on a belief that sales of Red Dead Redemption would hold up well, and confidence in its pipeline of games to be released in the fourth quarter, including Mafia II and Sid Meier's Civilization V. It also noted that the outlook reflected its decision to move the release of LA Noire out of the fourth quarter, which many analysts were expecting ahead of the report.

Another big mover in late trades was Ulta Salon (ULTA), which gained 9.1% to $22.23 on the strength of its earnings report and outlook for the third quarter. The jump is a bit of vindication for the makeup and perfume retailer after its stock saw considerable volatility earlier in the week following downbeat analyst comments.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs