The quake that shook Nintendo's stock? Sorta. NTDOY.PK hit a high of $52.95 on Monday, resuming a mesmerizing run — a double since early November.
Profit taking? Possibly. Understandable.
Milestones? Maybe. In Tokyo, the stock hit the 50,000-yen mark. More profit taking, maybe.
But what makes the most sense for those of us not in tune with Japanese society is that a literal 6.6 earthquake hit Tokyo on Monday. Panic sellers added to the profit taking, and all of it was reflected in the states.
The stock tumbled from $52 to $50 on Tuesday for no apparent reason. It then hit $49 yesterday. Today, NTDOY bounced back and hit another all-time high of $54 intra-day before closing at $52.15. That gives me some peace of mind as far as timing, since I entered at %52.60. By year's end, with the Wii continuing to sell out and demand refusing to subside, I think the stock will hit $70, perhaps $80.
That doesn't include the success of the DS and a renewed commitment by game makers to develop new titles specifically for the Wii.
A little tremor is OK sometimes, but those of us who have dry powder were smart enough to collect more NTDOY.PK on the cheap this week.
Disclaimer: Pupule Paul is a skosh long NTDOY.PK.
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