https://finance.yahoo.com/news/nintendos-dramatic-drop-leaves-investors-054906064.html

Analysts reported getting dozens of inquiries on Monday from hedge funds and investors eager to understand the sell off. Theories ranged from falling expectations for positive surprises at next week’s Electronic Entertainment Expo conference, known as E3, to troubles with Nintendo’s online games. Many also pointed to quantitative traders selling on weakening momentum, although short-interest remained low by historic standards.

"The market is probably selling shares ahead of E3 because people are concerned Nintendo doesn’t have a pipeline that will wow investors to a point where analysts will have to raise earnings targets again,” said Amir Anvarzadeh, a senior strategist at Asymmetric Advisors in Singapore, who said he got three calls from investors about Nintendo this morning. "The other question is whether their network infrastructure is really ready to cater to online gaming."