2006 was a fluke based on insane valuations and people buying into the great gaming boom that was pervading the news. People thought that the growth was going to continue at a 20% clip indefinitely. Stock valuation are not what I would call "fundamentals". Fundamentals are internal business measures such as book value. What was their BV back then? What is now? 40% less? How the heck does that happen after a huge business boom? On top of that no dividends were paid so really there was no value added at all to investors the last 9 years. This is the question everyone needs to be asking. Where did all the money go and will they do it again?
I agree that no debt is great but it didnt keep them from losing insane amounts of money. As for when the stock will start moving, you cant keep fleecing people forever. People will catch on just as I noticed their performance, so will others thus they will be much more cautious this time around so its possible that investors will wait and see till after the consoles are released.