"[Core] market share was down for Electronic Arts on a standalone basis in December, with total sales of $338mn, representing 14.3% market share in Dec. Including Rock Band (listed separately under MTV Games as publisher) sales of $118mn, Electronic Arts market share boosted to 19.2% for Dec, only slightly better than last year. In addition, market share would have further eroded as NCAA March Madness 2008 shipped early and added $7.5mn to Dec sales, rather than the month Jan, when last year's NCAA March Madness 2007 was shipped to retailers."

"With market share losses and several of the company's dominant franchises also shrinking; we think investors are clearly giving EA far too much credit to its scale and product quality when its industry leadership position may be under attack. Hence, we maintain our SELL [rating]."