It may be Microsoft celebrating the launch of their new Xbox One console, but it’s rivals Sony who have seen the stock market shift in their favour tonight.
Sony’s stock close today at 22.91, a jump two points higher than eight hours earlier, and before the unveiling of Microsoft’s Xbox One console, set to face-off against the PlayStation 4 console Sony debuted back in February. That’s lead to a 9.25% hike in Sony’s market price, a very healthy shift indeed.
Microsoft’s stock on the other hand stayed almost static despite the big announcement, down slightly by 0.66%.
So what’s caused this? There’s two potential reasons for the slightly incongruous financial shift.
PlayStation fanboys may call out Microsoft’s console launch as being a failed one, too focussed on TV content and not enough on the games that will attract the console’s hardcore audience. Indeed, the initial response from the web has been one that’s less than stellar, as What Hi-Fi editor Joe Cox highlighted with this tweet:
— Joe Cox (@TheRealJoeCox) May 21, 2013
However, a more likely reason is the growing rumour that Sony is planning to spin off its entertainment division. It’s a potentially lucrative move, one that Daniel S. Loeb, a hedge fund manager who happens to own 6.5 percent of Sony, first suggested. Sony Pictures Entertainment and Sony Music Entertainment has of late offset losses from the company’s consumer electronics business.
By Gerald Lynch | May 21st, 2013