[In light of an NBA lockout, Gamasutra editor-at-large Chris Morris calls Take-Two’s optimistic outlook for NBA 2K12 “baffling,” arguing that the publisher missed a “free pass to lower expectations in a way investors would understand.”]

There was plenty of bad news in Take-Two’s earnings call Monday.

The company missed expectations – and managed to do so on a day where investors were already in panic mode. Duke Nukem Forever, the company said, was profitable, but the overwhelmingly negative reviews put a ceiling on that title’s earnings potential. And because of that stumble from the flat-topped king of the one liner, the company was forced to cut its forecast.

But the bad news was almost overshadowed by Take-Two’s baffling decision to maintain a downright optimistic outlook for this year’s NBA 2Ktitle, despite the dark clouds hovering over the real-world NBA.

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