Why Take-Two Stock Was Falling Earlier Thursday
Shares of Take-Two Interactive (NASDAQ: TTWO) were down 2% as of 11:17 a.m. ET on Thursday. While the negative sentiment in the broader market weighed on stocks today, Take-Two's Zynga mobile game subsidiary scooped up another studio to add to its ranks.
Take-Two stock has sold off in recent weeks on fears that the slowing mobile market might hurt its business following the acquisition of Zynga earlier this year. The uncertainty over integrating Zynga into the business has weighed on the stock, down 44% year to date.
Take-Two completed the acquisition of Zynga in May. Zynga is one of the leading mobile game companies in the world and has a long history of growing through acquisition, and it's continuing that strategy as part of Take-Two.
Source Fool.com
