NEW YORK — U.S. stocks edged lower on Wednesday as videogame makers reported disappointing revenue forecasts and investors awaited developments on U.S.-China trade relations. The benchmark S&P 500 and the Nasdaq were weighed by declines in shares of Electronic Arts Inc, which tumbled 12.3 percent after the videogame publisher forecasted full-year revenue below Wall Street estimates. The sharp drop pulled down shares of rival videogame publisher Activision Blizzard Inc, which fell 10.9 percent. Shares of industry peer Take-Two Interactive Software Inc also dropped sharply, 14.5 percent, after the company's similarly underwhelming forecast. The slump in videogame stocks contributed to a 1.7 percent decline in the S&P 500 communication services sector, the largest drop among the S&P's major sectors.

Source: New York Times February 06, 2019 15:04 UTC