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THQ (THQI) shares are sharply higher in late trading, after the video game company posted better-than-expected results for the fiscal second-quarter ended September 30.

For the quarter, THQI posted sales of $101.3 million, down from $164.8 million a year ago, but above the Street at $92.2 million. The non-GAAP loss in the quarter of 37 cents a share was not as bad as the Street consensus estimated loss of 48 cents.

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GameStop (GME) shares are losing ground this morning on continued weakness in the video game software sector.

After the close yesterday, market research firm NPD Group reported that September U.S. video game sector revenue inched up 1% in September on a year-over-year basis, snapping a string of six months with year-over-year declines, including a 5% rise in software sales, offset by a 6% drop in hardware revenue.

Filed under: Rumors, Microsoft (MSFT), Time Warner (TWX), Viacom (VIA), Sony Corp ADR (SNE), Electronic Arts (ERTS), Technology, Nintendo (NTDOY)

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Shares of video-game publisher THQ (THQI) have spiked on reports that the company could be a takeover target.

TheFlyOnTheWall.com reports that the subscription-based DealReporter wrote that THQ could be a target for a media conglomerate like Viacom (VIA), News Corp. (NWS) or Time Warner (TWX), or another game maker, like Electronic Arts (ERTS). A piece on Minyanville.com, written by someone who says they own THQI shares, writes that “the rumor-mongers just might be on the money.”