Party stocks drop to match previous all-time low
Party Poker, the one-time leader of online poker rooms, hit an unfortunate symbolic milestone yesterday when it’s stock dropped to match the lowest point in the company’s history.
The stock is currently trading at roughly .54 a share, down from a peak of nearly $3.40 per share in 2005. The introduction of the UIGEA in October of 2006 sent Party packing from the US and the stock tumbling down to it’s first record low in early November. Party buoyed investors with the promise of a strong European and Asian expansion, leading to a small turnaround for the stock in early 2007. While the company did recover some of the traffic lost with the US exit, Party’s numbers still remained ghosts of their previous peaks.
