Take-Two was falling 2.7% on Thursday after a Sony (SNE - Get Report) spokesman told a Bloomberg reporter that there was "no truth" to the rumor that a buyout of Take-Two was in the works. The reporter tweeted the information at 2:36 a.m. ET on Thursday.
Shares of the gaming company, which publishes popular titles such as Grand Theft Auto, Red Dead and Civilization, spiked on Wednesday as uncorroborated speculation that Take-Two and Sony were in board-level acquisition talks made the rounds. By Thursday, those rumors had seemingly cooled.
In early February, Take-Two's stock took a hit after it posted a weak earnings outlook. Along with other game makers, it's also come under pressure from a move by a Chinese regulator to freeze approvals of new games as it works through a backlog.
Year to date, shares of Take-Two have fallen more than 10%.
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