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Midway Shares Plummet After Warning

Midway's stock price was hammered today, losing over half of its value, after yesterday's announcement that second quarter results would be lower than expected.
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."

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