Nintendo's shares dropped 5 percent yesterday, leading some analysts to claim the company is no longer relevant.

Yesterday's Nintendo 3DS conference may have brought an abundance of good news for Nintendo fans but it would seem investors are hard to please. At the end of trading yesterday Nintendo's stock was down 5 percent on the day before according to Reuters, who lead with the pessimistic headline "Nintendo faces end of era after 3DS flop".

However, while the shares at the end of trading may have been down it has been noted that looking at their shares throughout the day it actually dropped before the conference even began and while it fluctuated a bit afterwards it remained fairly steady. This could mean that the drop was not due to the contents of the conference or it could mean that investors lacked faith before the conference even began.

Whatever the reason for the decline in shares analysts have been quick to propose ideas. Makoto Kikuchi, CEO of Myojo Asset Management suggested Nintendo should "stop concentrating on mobile games and switch to Wii-type games for the whole family". Mitsushige Akino of Ichiyoshi Investment also commented on the issue, stating: "Nintendo succeeded by pulling in people who weren't gamers and their needs now are no longer being filled by Nintendo, they are happy playing games on their mobile phones".

It is not just Nintendo whose shares dropped yesterday though. Capcom, who showcased Monster Hunter 3G and announced Monster Hunter 4, saw their shares drop 8.3 percent yesterday. Shares of Square Enix, who also demonstrated new game Bravely Default: Flying Fairy, Kingdom Hearts: Dream Drop Distance and Theatrerhythm Final Fantasy, dropped 3.9 percent.

It would appear that there is a lot of pressure on Nintendo this holiday period to prove that the 3DS is going to make it through the long term. Satoru Iwata, who has taken personal responsibility for the sales of the 3DS, stated: "We will make an all-out effort to see that the 3DS sells enough to become the successor to the DS."