Take-Two Interactive's shares gained 7.6% to $18.95 yesterday -- trading as high as $20.88 -- on news a dissident investor group owning 45+% of the company filed with the SEC saying they plan to nominate and vote for six new directors and vote to fire its CEO and possibly its CFO. Take-Two's annual meeting is March 23. The group includes OppenheimerFunds, S.A.C. Capital Management, Tudor Investment Corp., D.E. Shaw Valence Portfolios and ZelnickMedia Corp. Take-Two is best known for its Grand Theft Auto game franchise, but has struggled to turn a profit over the past year, as it also had to restate earnings for eight years due to an options backdating scandal. A Citigroup analyst maintains her "sell" rating due to uncertainty over new management's ability to bring games to market. Wedbush Morgan also rates it "sell", while Kaufman Brothers rates it "hold." An S&P analyst however, upgraded it to "hold" and raised his target to $22/share. "Grand Theft Auto IV" is set to be released in October.
Sources: Take-Two SEC filings, Bloomberg, MarketWatch
Commentary: Icahn MIA From Take Two's Board of Directors • The Take-Two Saga Continues • Icahn Management: Notable 13F Changes
Stocks/ETFs to watch: Take-Two Interactive Software (TTWO). Competitors: Activision (ATVI), Electronic Arts (ERTS), Konami (KNM), Nintendo (NTDOY), Sony (SNE)
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