The lowered revenue guidance was prompted by game delays and cancellations, and poor sales for some new products.
Midway shares on the NYSE were trading at $3.84 at midday -- an all-time low for the stock -- after opening at $7.99. The trading volume was over 10 times its 90-day trading average.
Michael Pachter, an analyst for Wedbush Morgan Securities, told clients "We attribute these [game] delays to poor management oversight, and believe that Midway must drastically improve its overall process management in order to meet scheduled launch dates for the balance of the year."
