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Publisher stocks hit by market freefall; analysts optimistic
If you haven't looked out your window today, you might have missed stocks that are falling faster than Chicken Little can blink. Game publishers were not immune, as the NASDAQ (where most publishers are listed) Composite Index fell 199.61 points, or 9.14 percent. As for the individual publishers, Gamespot points out that Electronic Arts saw a 9.16 percent drop to $36 a share. Activision Blizzard was hit hard with a 13.8 percent drop to $14.12 a share. As for the console makers, Sony and Microsoft saw a 5.09 and 8.72 respective percent drop. Overseas, Ubisoft's stock dropped a whopping 21.5% to €45.50 (US $65.37) on the Euronext market.Despite these stock drops, analysts speaking to Gamasutra remain optimistic, with Wedbush Morgan's Michael Pachter expecting none of the companies to be affected by the lending crisis. Lazard Capital Markets' Colin Sebastian predicts a "cocooning" effect where people flock to games as a cost-efficient form of escapism. In what is surely the most "no duh" prediction, Sebastian expects World of Warcraft to continue serving as an unwavering money stream for Activision Blizzard.[Image Source: Digg]
Majesco cooking up recipe for delisting
We hope you can smell what's cooking, Mama. 'Cause it ain't the sizzlin' aroma of seasoned ground beef. Nasdaq today gave notice to Majesco Entertainment, warning the publisher that its single share value had dipped below the minimum required for continued inclusion on the market. In other words, you're better off carrying a pocketful of pennies than owning a share of Majesco stock.The company is being given 180 days to gets its recipe in order or else the kitchen's closed.
Atari gets delisted by Nasdaq
As of today Atari has been delisted by the Nasdaq stock exchange, but the company states it will appeal. The company was first threatened with delisting last July after it failed to submitits year-end financials, then again in December because its market value was too low, and one final time in March for not fixing its issues from the previous year. The publisher will have its stock quoted on Pink Sheets and OTC Bulletin Board until the decision is reversed.The delisting of Atari won't stop the $11 million buyout by Infogrames or the master plan of CEO David Gardner, Directeur Général Délégué Phil Harrsion and rest of the new Atari/Infogrames crew. Bargain hunters looking for a good deal might want to see if Gardner would be willing to trade some Atari stock for a casserole or some landscaping work.
Nasdaq sends Atari another delisting warning
With all its fancy new executives, everything appears to be sunshine at the moment for Infogrames/Atari; but for the third time in less than a year Atari has been threatened with delisting by the Nasdaq stock exchange. The company admits it received a letter from Nasdaq's Listing Qualifications Department stating that it had not gained compliance with the last warning requiring the company obtain $15 million in market capitalization for 10 consecutive days before March 20.Atari has asked Nasdaq for a hearing which will put a stay on the stock's execution. Meanwhile, Infogrames is looking to buy the "outstanding common stock" of the company, which may put this whole issue to rest. If Infogrames does not succeed, Atari admits there's no assurance it won't be delisted.
Nasdaq: Atari could be delisted, market value too low
For the second time this year, Atari has received a warning from Nasdaq that its stock could be delisted. This time, the violation doesn't concern a tardy financial report, rather the market value of the ailing video game publisher's stock, which is below $15 million. If that number stays below $15m for thirty consecutive days, the stock will be delisted (and we can't imagine that's going to go over well with investors). That isn't the end of the line for Atari though; they'll have until March 20th to get their ship in order and, barring that, they'll be able to appeal the decision. Really, it pains us to watch this once proud video gaming brand dragged slowly to its death. Let's hope Midway's Hollywood plan saves that company from a similarly grim fate. [Thanks, Vytenis]
Atari may get the boot from Nasdaq
If Atari's financial woes weren't already a beacon that the legendary game company has fallen far, their notice of potential delisting from the Nasdaq stock exchange should pretty much seal the deal. Atari received the notice from Nasdaq because they did not file their financial report for their fiscal year ending March 31.Atari says they haven't filed yet because they're still trying to figure out what accounting entries they need to make. With any luck The Witcher and Alone in the Dark will help the company out this fiscal year. Heck, for all we know, My Horse & Me could be Atari's killer application which will help them ride into the land of fiscal fortitude.
Creative delisting from NASDAQ, cites 'burdensome' regulations
So it looks like we're not the only ones who are sick and tired of filling out forms and sending them in to Uncle Sam, as Singapore-based Creative has announced plans to delist its publicly traded shares from the NASDAQ Global Exchange, citing administrative costs associated with meeting "increasingly burdensome U.S. reporting obligations." The manufacturer of such diverse products as X-Fi sound cards and Live! webcams expects to withdraw its ordinary shares by August 1st and move trading entirely over to the Singapore Exchange Securities Trading Limited, which already sees 90% of the company's average worldwide daily trading volume anyway. As expected, Creative's US shares have already started to tank as investors contemplate the complications of trading in a foreign market, but Creative diehards can probably anticipate a rebound once the integration has been completed. Or so our boiler room broker tells us...[Via epiZENter]
Apple won't be delisted from the NASDAQ
There was a chance that Apple would be delisted from the NASDAQ, which is never good for a company's stock. The issue stemmed from the investigation of options irregularities which forced Apple to restate earnings. This, in turn, delayed the filing of some paperwork, a 10Q form to be exact, therefore leading to possible delisting.Luckily, the NASDAQ stated that they will not delist Apple as long as the company files their 10Q within 2 months. Peter Oppenheimer, Apple CFO, says that if Apple is unable to meet that deadline they will file for an extension.[via the Mac Observer]
Nasdaq warns Apple of non-compliance
Following reports of possible stock option improprieties by Apple executives and continuing internal and external investigations of these concerns, Apple has announced that it will delay the filing of its Q3 quarterly earnings reports until it is satisfied that the issues have been properly accounted for and addressed. Delay of the filing puts Apple out of compliance with Nasdaq regulations, and continued non-compliance without taking proper measures are grounds for Nasdaq to cease listing of Apple shares. Apple has said it's stock will remain listed pending a hearing and decision by the Nasdaq listing qualifications board. Despite these issues, perhaps because Apple itself–and not a third party, uncovered the irregularities, Apple stock has remained fairly stable.
