Midway Stock Plummets Following Clearance Sale

Sumner Redstone's offloading of the majority ownership of Midway on Monday has had a profound negative effect on the company's stock, which has fallen 40% since the beginning of the week.

The stock has actually been dropping regularly since Monday, going as low as $.18 cents a share on the day the news hit. Today's low was $.22 per share, a significant drop compared to Monday's high of $.35 or Friday's close at $.38. I suppose there's just something about suddenly having an 87% stake in your company offloaded for $.0012 per share that just rattles investor confidence.

As previously reported, Midway faces delisting from the New York Stock Exchange if they cannot rise about $1 per share for 30 days, and it's not looking like that will happen any time soon.

Midway stock falls 40% since sale [GamesIndustry.biz]