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L.A. Noire release sparks Take-Two stock jump
by Xav de Matos, May 18, 2011 5:00pm PDTAccording to a report from MCV, Take-Two has seen a substantial surge in its share price following the release of L.A. Noire. At the end of market yesterday, Take-Two Interactive's stock closed at $17.10 a share--a leap of nearly 18 per cent.
The jump represents the highest value of the Take-Two share price since 2008, when publishing giant EA attempted to acquire the company.
On Monday, Take-Two shares were trading at $15.72 per share. At the end of market today, Take-Two's share price closed at $17.07.
L.A. Noire launched on the PS3 and Xbox 360 on Tuesday, in North America. The game will be available worldwide by Friday.
Sterne Agee analyst Arvind Bhatia believes the long-awaited title from developer Team Bondi could strike a big chord at retail, telling Industry Gamers: "We think the Street is expecting the title to sell three to four million units and so far the initial reviews seem to support this thinking."
The Sterne Agee "channel" checks into the game's pre-orders also points to a unit sales potential "in the three to four million range," he added.
Comments
Take-Two Interactive's stock has jumped and all fingers are pointing to the recent release of L.A. Noire. One analyst notes that the game has the potential to sell up to four million units.
Take-Two Interactive's stock has jumped and all fingers are pointing to the recent release of L.A. Noire. One analyst notes that the game has the potential to sell up to four million units. : Shacknews
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