NTDOY - Why Nintendo Stock Leveled Up on Tuesday
2024-02-06 13:26:00 ET
Nintendo (OTC: NTDOY) stock jumped early Tuesday, rising 4% by early afternoon trading, compared to a flat result in the wider market, according to data provided by S&P Global Market Intelligence . The boost added to a solid rally for the video game specialist, which has beaten the market over the past full year and is up 11% in 2024 year to date.
The move was sparked by good news on the earnings front.
Nintendo announced quarterly results before the market opened that revealed solid demand for both its Switch hardware and large portfolio of game titles. Sales are up 8% in the selling period that ran through late December, management said, and operating profit expanded at a robust 13% rate.
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Why Nintendo Stock Leveled Up on Tuesday