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Take-Two Says False Rumors May Have Hurt Stock

by Thomas on June 24, 2002 @ 9:46 p.m. PDT

Video game publisher Take-Two Interactive Software Inc. said on Monday unfounded rumors may have contributed to a drop in its stock price, and the company reiterated its financial guidance for the year.

New York-based Take-Two said it had been "the subject of numerous false negative rumors in the financial community and on Internet sites over the past two weeks" that, combined with general market weakness, might have helped depress the stock price.

The company said it is still on track for sales in the current fiscal third quarter of $100 million, with earnings per share of 7 cents. For the year, it said it still expects sales of $733 million and earnings of $1.68 per share.

Take-Two shares were trading at $17.20 in pre-opening trade on Instinet from a close of $16.83 on Friday on Nasdaq, off their 52-week high of $27.05.

Even with its recent stock drops, including a loss of 9 percent on Friday, Take-Two shares are still the best performing among the listed video game companies this year.

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