What's the price of oil got to do with the cost of a share of Midway or Electronic Arts stock? More than you might think.
On a day when news from game publishers was scant, there was little else for the share price of game companies to do but follow the general markets, which meant that today the share value of every major publicly traded game company sank along with just about everything else on Wall Street.
Because investors are spooked by rising tensions with Iran, stocks fell today. Adding to those jitters were additional comments on inflation delivered by Federal Reserve Chairman Ben Bernanke at a conference in Washington, D.C. The New York Times reported that Bernanke, speaking at a conference on international monetary issues in Washington, said that "consumer prices have been rising faster than he would like."
With an hour remaining in the trading day, the major indexes and game stocks were trading as follows:
Major Indexes:
Dow Jones 30 Industrials: 11093.15, -154.72
Nasdaq: - 2,184.16, -35.25
Standard and Poor's 500: - 1,273.47, -14.75
Major Game Publishers:
ATAR (Atari): $0.61, -0.03, -4.13 percent
ATVI (Activision): $12.66, -0.35, -2.69 percent
ERTS (Electronic Arts): $41.51, -0.90, -2.12 percent
GME (GameStop): $41.79, -1.64, -3.78 percent
MSFT (Microsoft): $22.55, -0.21, -0.92 percent
MWY (Midway): $6.60, -0.27, -3.93 percent
THQI (THQ): $23.39, -0.46, -1.93 percent
TTWO (Take-Two): $16.06, -0.80, -4.74 percent
UPDATE: Today's closing prices on Wall Street:
ATAR (Atari): $0.60, -0.04, -6.25 percent
ATVI (Activision): $12.53, -0.48, -3.69 percent
ERTS (Electronic Arts): $41.18, -1.23, -2.90 percent
GME (GameStop): $40.97, -2.46, -5.66 percent
MSFT (Microsoft): $22.50, -0.26, -1.14 percent
MWY (Midway): $6.53, -0.34, -4.95 percent
THQI (THQ): $23.30, -0.55, -2.31 percent
TTWO (Take-Two): $16.07, -0.79, -4.69 percent