Shares of Japanese game maker Nintendo surged on Thursday to levels not seen in more than a decade, but investors may want to stay away from the stock, according to Asymmetric Advisors' Amir Anvarzadeh.
Nintendo's stock closed at 50,110 yen per share on Thursday. The stock traded as high as 50,180 yen per share earlier in the session.
In this photo provided by Nintendo of America, fans of all ages experience fun photo ops, game demos and other Luigi’s Mansion 3-inspired goodies at a preview event in Los Angeles on October 18, 2019.surged on Thursday to levels not seen in more than a decade, but investors may want to stay away from the stock, one analyst warned.
There are two possible reasons why Nintendo stocks gained ground on Thursday, said Amir Anvarzadeh, a Japan stock market strategist at Asymmetric Advisors. One reason could be due to the announcement of new Pokemon games, while another may be because people are anticipating another round of lockdowns.
"The 2nd wave will not lead to lockdown periods which provided the positive distortion to sales in the first wave."Even before Nintendo's announcement of the new Pokemon games, Serkan Toto, CEO of game industry consultancy Kantan Games, told CNBC he was "not worried" over the pipeline of games, as it was mainly caused by the pandemic affecting the release dates of software.
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