Nintendo in mystery drop
INTERNATIONAL - Nintendo suffered its biggest two-day drop in 18 months, sending investors scrambling to explain the sell-off.
Shares tumbled 6.3percent yesterday after losing 4percent on Friday, the largest two-day decline since December 2016. The drop left the stock at its lowest level since September and at its biggest discount versus Wall Street targets in nearly a decade.
Analysts reported getting dozens of inquiries yesterday from hedge funds and investors eager to understand the sell-off. Theories ranged from falling expectations for positive surprises at next week's Electronic Entertainment Expo conference, known as E3, to troubles with Nintendo’s online games.