If the top line was challenged, then you can imagine that the bottom line was likewise not in the best of shape. Take-Two lost 4 cents per share this past quarter on an adjusted basis. That may have beaten estimates, but it's still a difficult comparison. The company earned $1.52 per share on an adjusted basis in last year's similar period.

While the market understands that the comparisons are going to be skewed, the market also is surely wondering whether Take-Two can move beyond Grand Theft Auto. If only management could come up with a Guitar Hero, or something along those lines, at least. Maybe some interesting acquisition to add to the big franchise that Take-Two's shareholder value is based on.

Unfortunately, I don't think Take-Two will be announcing any grand purchase in the near future. Instead, the company will have to bide its time until its next set of major releases. The earnings link stated that the fourth quarter will see Grand Theft Auto: Episodes from Liberty City for Microsoft's (NASDAQ: MSFT) Xbox 360 and BioShock 2 on platforms that have yet to be determined. It will be interesting to see how the latter does, since hardcore gamers seemed to enjoy the first BioShock quite a bit.

I'm really not impressed by Take-Two's quarter. Not much was going on, and there aren't any major catalysts on the near horizon. Buying Take-Two would be a bet on a takeover. I don't see the need to speculate on that at the moment, but I will say this: My trader's gut tells me that the stock, which closed at $8.83 on Tuesday, might go above $10 if the positive market sentiment continues. I'm sure some quick traders out there could make something out of a move like that, but for the rest of us retail investors, it might be best to leave this one alone, or, at the very least, study the price action in the coming weeks to see where the shares may be heading.

Disclosure: I own Activision Blizzard; positions can change without notice.