Nintendo stock spikes on earnings rumors
Posted By LordAbAnalysts’ speculation that Wii maker will revise its guidance upward sends shares climbing 7.8 percent.
Last week, Nintendo’s stock price hit a record high of ¥71,300 (around $624 at today’s exchange rate). That peak helped the company reach a record market value of ¥10 trillion ($85 billion), the third largest for a Japanese company. However, in the past few days, the stock declined thanks to some shareholders taking profits on the company’s fivefold increase in share value since 2005.
Today, though, Nintendo’s stock price came roaring back, increasing 7.8 percent in a single day to close at ¥68,800 (about $600). According to the Bloomberg news service, the bounce was the largest since July 26. It came thanks to several Tokyo-based analysts who predicted that on Thursday, the Kyoto-based company will increase its full-year profit forecast.
“An upward revision of full-year earnings targets is likely,” KBC Securities Japan’s Hiroshi Kamide told Bloomberg. “It’s natural that expectations are high ahead of the year-end shopping season.”
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October 24th, 2007 at 7:07 pm
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