Before the immense success of the Wii console, Nintendo's ADR shares were dead money from the turn of the century until its 2006 release. Nintendo shares began to climb out of the $14-$17 range, rising as high as $76.87 by November 2nd of 2007. When the equity bubble burst at the end of 2007, Nintendo's shares dropped to $55 by February of 2008 and now trades in the $30 range.
Nintendo's shares closed at $47.75 on December 31st and dropped to $36.40 at January's close, representing a 24% decline. Heading into the January 29th earnings release, investors priced in the economic downturn and its effects on discretionary spending as it relates to video game and console sales.
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