Shares of video-game publishers skidded Friday after a disappointing report on November sales led to another round of downgrades by leading analysts. Although there was general concern about slowing industry growth and sluggish consumer spending, a few analysts remained optimistic, saying that the Street was overreacting to a report by market researcher NPD Group. The slide started when Goldman Sachs analyst Chris DeBiase wrote that November data from NPD came in worse than expected, with only 7.3% year-to-year growth and $712.5 million in overall sales. DeBiase wrote that his expectations were for growth of 20% to 25%. Electronic Arts ( ERTS) fell to $55.23, off $6.11, or about 9.96%, while Activision ( ATVI) slipped $1.57 to $15.71, a drop of 9.3% DeBiase lowered his estimates, took down his ratings to underperform and moved his view of the sector to cautious. He was particularly hard on Activision, which registered total November sales of $48.5 million, a drop of 28%. "To say this was a disappointing figure would be an understatement," and he noted that, with the exception of Tony Hawk 4 and Spider-Man, "no titles are coming close to expectations." Goldman Sachs has done investment banking for Activision. Electronic Arts' sales in the period rise 16% from a year ago, and THQ's ( THQI) sales rose 9%, according to the NPD report. Other game publishers, which have enjoyed robust growth in the past year, in part from the introduction of new game consoles, such as Sony's PlayStation 2, also were weak. Take-Two Interactive Software ( TTWO) dipped 9.3% to $23.38, and THQ Inc. was down 3 cents to $14.60 in recent trading. Also downgrading game stocks on Friday was U.S. Bancorp Piper Jaffray analyst Tony Gikas, who moved Activision to market perform from outperform and lowered Acclaim Entertainment ( AKLM) Inc. to market underperform from market perform.