Here's Why Nintendo (NTDOY) Stock Soared Today
Zacks Investment Research | Sep 07, 2016 05:08AM ET
Shares of videogame giant Nintendo (OTC:NTDOY) gained over 26% on Wednesday afternoon following Apple’s (NASDAQ:AAPL) keynote address. Apple brought out Nintendo’s Shigeru Miyamoto to announce that the company’s iconic Mario character would be coming to the App Store soon.
Miyamoto joined the Apple event after Tim Cook boasted about the recent growth of the App Store. The mobile marketplace apparently saw year-over-year growth of 106% in the months of July and August. Apple also announced that the App Store is now home to over 500,000 games.
Miyamoto announced that Nintendo will add the first official Mario game to that library with the release of “Super Mario Run”later this year.
Nintendo hesitated to join the smartphone-based gaming market for years, but the Japanese electronics giant jumped into the frame with the release of Miitomolast year. Partnering up with game developer Niantic Inc., Nintendo caused a cultural phenomenon with the release of Pokémon GO earlier this year.
Representatives from Niantic were also on hand at today’s Apple event to announce that a version of the popular augmented reality game will be available for the Apple Watch soon. Pokémon GO was originally a remarkable bullish catalyst for NTDOY, but investors later ditched the stock after discovering the game would not have much of an impact on Nintendo’s revenue.
For more coverage on today’s announcement from Apple, check out our simple list:
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