Take-Two Interactive shares are trading lower after Morgan Wedbush analyst Michael Pachter cut his rating on the stock this morning to Neutral from Outperform. He keeps a $13 price target on the stock, which closed Friday at $11.73.
Take-Two Interactive this afternoon posted revenue for its fiscal third quarter ended July 31 of $138.6 million, down from $433.8 million a year ago, but ahead of the Street consensus at $125.3 million.
The Xbox 360’s exclusive Grand Theft Auto IV add-on, “The Lost and Damned,” debuted yesterday to generally positive reviews. That’s good news for Microsoft–especially considering how much the company paid for rights to the extra downloadable episode. Seth Schiesel’s New York Times review gives you a good sense of what $25 million buys a console company these days.
Take-Two Interactive Software, the publisher of the often controversial Grand Theft Auto, has provided guidance for its fiscal first quarter ending in January and–basically–for much of the rest of 2009 that is dramatically lower than expectations. Begs the question: What would Niko do?
If Electronic Arts’ unsolicited bid for Take-Two Interactive sounds a lot like Microsoft’s unsolicited play for Yahoo–complete with both EA and Microsoft ultimately walking away–think again.
It’s only a little bit surprising that EA walked, mostly because Take-Two was in a far stronger negotiating position than Yahoo.
The potential union of two of the biggest companies in the video game industry remains stuck in neutral. Electronic Arts said Monday morning that it has extended its tender offer to purchase Take Two Interactive, maker of Grand Theft Auto IV. This is the second time Electronic Arts has extended its $2 billion offer, which it first made public in February.
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