Nintendo's stock price plunges 5 percent after press event

Nintendo has taken it on the chin in terms of its recent financial situation. The announcement of its upcoming Nintendo Wii U console back at E3 2011 in June caused Nintendo's stock price to drop over 10 percent as investors were unimpressed by its hardware. The company's stock price took yet another hit in July as Nintendo slashed the price of its portable Nintendo 3DS console in an effort to boost the poor sales of the 3D-based device.

On Tuesday, Nintendo held a press event just a couple of days before the opening of the Tokyo Game Show where it showed off a number of upcoming Wii and Nintendo 3DS games and hardware products. But the event was yet another disappointment for investors. Reuters reports that the company's stock price went down 5 percent in trading after the press event. One of the reasons for the stock price decline was that there was no announcement by Nintendo concerning launching its games on mobile phone platforms. Mitsushige Akino, chief fund manager at Ichiyoshi Investment, said, "Nintendo succeeded by pulling in people who weren't gamers and their needs now are no longer being filled by Nintendo, they are happy playing games on their mobile phones." Nintendo's stock has been cut by almost 50 percent so far this year.

At the press event, Nintendo announced an upcoming software update for the Nintendo 3DS console that according to Joystiq will allow users to access 3D video capture features. The update will be released in November. Nintendo also announced that the console would get a hardware accessory that adds a second analog control pad. It will launch in Japan on December 10 but there's no word when it will be made available here in the US.

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