Sony was having a pretty good couple of days, and then everyone wanted to take a dump on their party. Those money people that watch stocks like a hawk noticed that Sony's stock continues to decline, even after the announcement of a price drop to $299 and a new PS3 "slim" system.
The stock closed 1.4 percent down on the Tokyo Stock Exchange, continuing a downward trend from early August, now down about 12 percent in all.
What's the deal? Even the folks at Electronic Arts are happy that the price has been dropped. EA CEO John Riccitiello said that it was a good move and that they expected sales to increase. Ubisoft said something similar. I guess investors aren't seeing it the same way.
Perhaps we'll have to give Sony some time to ramp up. I think that with these recent PS3 developments and the new PSPgo on the horizon, Sony will have a decent year. Decent enough for investors? That remains to be seen.
[via GI.biz]
Dale North is Destructoid's Editor-In-Chief, a founding editor, and specialist in Japanese gaming. An accomplished musician, Dale was reporting from Japan during the earthquakes of 2011. Luckily, he got the fuck out alive and is home in America now with his wife and beloved corgi, Einstein. Dale is also a co-founder of Destructoid's sister anime site
Japanator. Likes Corgis, Sega Saturn, PSP, iPhone, Photographic tools.
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2:00 PM on 08.21.2009
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Ah, good point.
But yeah if it sells well obviously the stock will rise.
Glad someone took the time to say it. I think the PS3 Slim is brilliant, and certainly should help their gaming division to finish off the year strong. But Sony is a huge company and stock prices are tied to much more than gaming... which is a mixed blessing. PS3 early failures didn't hurt as much, but upcoming successes won't help enough to turn the ship around.
That doesn't concern the games division.
@Djnx: Stocks generally go up WHEN shorts cover their positions, rather than after. Hence the phrase "a short squeeze".
Wait till the new year, the Christmas market should shift considerable units. Still waiting for my silent Xbox360, come on.
There was another company that did something similar. A long time ago, you may remember them. They too, continued to screw with they're customer fan base. Continually released newer products, that wouldn't work with older ones. They tried desperately to reach a "wider audience" with this gimmick and that add-on. Completely alienating there loyal customers, with insulting remarks by they're Marketing Depts. and CEO's.
What was the company's name?
SEGA
or was it? ATARI