Freak Plunge in Nintendo's Stock

Nintendo has been red hot for the past few years, but investors have started to "Switch" away from the stock. Shares of Nintendo have plunged 16% so far in June. It is a curious drop. The video game industry is now in the spotlight because of the annual Electronic Entertainment Expo (E3) taking place in Los Angeles, CNN reported. The big players in the gaming business often unveil new titles at E3, and the stocks of video game companies tend to go up in June. This year is no exception. Electronic Arts and Activision Blizzard have already surged 12% so far this month while Take-Two Interactive is up 9%. So why is Nintendo slumping? It seems like investors may be disappointed by the lack of any big news from the company's E3 appearance. Hopes were high for big news. Entertainment and video game news site Screen Rant had this to say about the Nintendo E3 press conference. "The presentation was something of a let-down overall. In general, the reveals weren't that interesting, with little to get the heart racing and a severe lack of information on such massive franchises as Pokemon."