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Nintendo Slides After U.S. Hedge Fund Bets on Share Declines

By Tony Seruga

Shares in Nintendo Co. slumped as a New York hedge fund increased its short bet against the company ahead of earnings Tuesday.

Nintendo dropped as much as 3.7 percent on Tuesday, the most in about a month, after Bloomberg News reported Gabriel Plotkin, head of Melvin Capital Management, had accumulated a short position of roughly $400 million in the Japanese game maker. Plotkin’s fund was short 1.2 million shares, or about 0.8 percent of Nintendo’s outstanding stock, according to the latest filing with the Tokyo Stock Exchange. The firm has been increasing its position, with the latest trade on July 26, ahead of Nintendo’s quarterly earnings on Tuesday…

Nintendo Slides After U.S. Hedge Fund Bets on Share Declines

Categories : Hedge Funds

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