Investing.com - Video game maker Electronic Arts tumbled in midday trading after the company announced a delay of a highly-anticipated title, while materials stocks fell on concern about Canada joining the U.S and Mexico in a trade deal ahead of Friday’s deadline.
Electronic Arts (NASDAQ:EA) stock fell about 9% at 11:55 AM ET (15:55 GMT).
The company said it will be delaying the release of “Battlefield V” from October to Nov. 20, which will enable it to make changes to the “core gameplay experience.”
Fiscal 2019 bookings will likely be $5.2 billion, down from previous guidance of $5.55 billion, EA said. But the company reiterated its operating guidance given in July.
The move means that Battlefield V will not be competing with the planned October releases of Take-Two’s “Red Dead Redemption 2” and Activision’s “Call of Duty: Black Ops 4.”
Take-Two Interactive (NASDAQ:TTWO) shares fell about 0.4% and Activision Blizzard (NASDAQ:ATVI) fell about 0.9%.
Meanwhile, materials stocks slumped as nervousness about U.S. trade deals increased. The sector jumped at the start of the week on a trade deal between the U.S. and Mexico. But Canada has yet to join in a three-party revision of NAFTA and has just until Friday to do so.
The S&P 500 Materials Sector index lost about 1.3%.
Freeport-McMoran (NYSE:FCX) was down the most among index components, falling about 3%. Shares were also hit by a fall in copper prices on concern about China’s economy.
DowDuPont (NYSE:DWDP) followed, falling about 2%, while steelmaker Nucor (NYSE:NUE) lost about 2%.