Sony stands off as Mad Catz takes a kicking on the stock market
Thanks for the memories!
As the American stock exchange opened for business yesterday, the full force of SCEA’s decision not to renew Mad Catz’ license to manufacture the PlayStation 2 memory card.
By commencement of afternoon trading, Mad Catz share price had dipped sharply by 22% to $1.64, despite the company’s best efforts to convince investors that it is still in talks with Sony about the possibility of renewing the contract, set up last year when SCE encountered massive problems making its own card.
In news that will please Mad Catz, and hints that the contract will indeed be continued, investment consultants Golden Capital raised Mad Catz share rating to “buy” giving a three month recovery estimate to $3.00, a figure greater than before the initial losses seen yesterday.
By commencement of afternoon trading, Mad Catz share price had dipped sharply by 22% to $1.64, despite the company’s best efforts to convince investors that it is still in talks with Sony about the possibility of renewing the contract, set up last year when SCE encountered massive problems making its own card.
In news that will please Mad Catz, and hints that the contract will indeed be continued, investment consultants Golden Capital raised Mad Catz share rating to “buy” giving a three month recovery estimate to $3.00, a figure greater than before the initial losses seen yesterday.
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