Take-Two Interactive Software Inc., the video-game publisher, fell to the lowest level in seven months after the company delayed the release of its next “BioShock” shooter game into next year.
Take-Two tumbled 5.8 percent to $12.63 at the close, the lowest price since Oct. 4. The shares have declined 6.8 percent this year. “BioShock Infinite” will be introduced in February, the New York-based company said today in a statement.
The company moved the release date from Oct. 16 after finding “opportunities to make Infinite into something even more extraordinary,” Kevin Levin, creative director of the game studio making the title, said in the statement.
Take-Two probably gave the developers more time to polish “BioShock” because the company might schedule “Grand Theft Auto V,” its blockbuster title from Rockstar Games, for release in October, Michael Pachter,an analyst with Wedbush Securities, said in a research note today. He maintained an outperform rating on the shares.
Video-game makers typically stagger releases of their main titles to avoid cannibalization. Companies are trying to manage their schedules because shoppers have been reluctant to make multiple purchases of expensive packaged video-games.