VampDude
January 30th, 2008, 01:25
Via: tech.tm (http://tech.tm/story/51)
Nintendo shares dropped 9.7% in Tokyo yesterday, the company's valuation adjusting to market conditions, according to those in the know.
Shares soared last week as Nintendo revealed record profits and a dramatic increase in market share, however a weakening dollar and a rising yen worries investors who are concerned this could hit Nintendo's earnings.
Shares fell 5,000 Yen to 46,800 on Monday.
"This has little to do with the company itself, but a lot to do with market sentiment," explained Mizuho Asset Management fund manager Yoshihisa Okamoto speaking to Reuters.
"In the United States and Europe, shortages of the Wii and DS are getting serious. Nintendo will surely boost production in the next business year," added another analyst. "And higher output will lead straight to higher sales of its game machines and game software. I think we are going to see Nintendo chalking up strong profit growth next year, again."
Nintendo shares dropped 9.7% in Tokyo yesterday, the company's valuation adjusting to market conditions, according to those in the know.
Shares soared last week as Nintendo revealed record profits and a dramatic increase in market share, however a weakening dollar and a rising yen worries investors who are concerned this could hit Nintendo's earnings.
Shares fell 5,000 Yen to 46,800 on Monday.
"This has little to do with the company itself, but a lot to do with market sentiment," explained Mizuho Asset Management fund manager Yoshihisa Okamoto speaking to Reuters.
"In the United States and Europe, shortages of the Wii and DS are getting serious. Nintendo will surely boost production in the next business year," added another analyst. "And higher output will lead straight to higher sales of its game machines and game software. I think we are going to see Nintendo chalking up strong profit growth next year, again."