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November 29, 2012
06:53 EDTATVIActivision Blizzard downgraded to Neutral from Buy at Sterne Agee
Sterne Agee downgraded Activision based on high Street expectations, CoD sales concerns, console transition related risk.
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October 30, 2014
12:45 EDTATVITake-Two hits 52-week high after beating Q2 estimates, raising FY15 outlook
Shares of video game developer Take-Two Interactive (TTWO) are rallying after the company reported second quarter results that surpassed analysts’ consensus estimates and raised its outlook for fiscal year 2015. WHAT'S NEW: Last night, Take-Two reported Q2 adjusted earnings per share of (44c) and adjusted revenue of $135.4M, topping analysts’ consensus estimates of (59c) and $110.92M, respectively. The company said that the largest contributors to non-GAAP net revenue in Q2 were catalog sales, which accounted for $134.5M of non-GAAP net revenue, led by Grand Theft Auto V, Grand Theft Auto Online, NBA 2K14, Borderlands 2, and WWE 2K14. WHAT’S NOTABLE: Looking ahead, Take-Two forecast Q3 adjusted EPS of $1.35-$1.45, well ahead of analysts' consensus estimates of $1.21. Q3 adjusted revenue is seen at $745M-$760M, compared to consensus $778.57M. The company raised its outlook for FY15 adjusted EPS to $1.05-$1.30 from 80c-$1.05, versus analysts' estimates of $1.05. Take Two also increased its FY15 adjusted revenue view to $1.4B-$1.5B from $1.35B-$1.45B, compared to consensus $1.44B. Strauss Zelnick, the company's Chief Executive Officer, cited better-than-expected Q2 results, strong current business trends and positive outlook for the increased FY15 guidance. Zelnick noted that Q3 and the holiday season are off to a "great" start, noting that there is "tremendous anticipation" for upcoming releases including "Grand Theft Auto V" for PlayStation 4, Xbox One and PC, and "Evolve." Zelnick expects FY15 to be one of the company's strongest years ever. ANALYST REACTION: This morning, research firm Brean Capital upgraded Take-Two to Buy from Hold. Brean believes the company's increased guidance still looks conservative and its digital strategy is coming together following its Q2 results. The firm expects upside to both Q3 and FY15 guidance and set a $27 price target on the shares. Another firm, MKM Partners, said Take-Two’s better than expected results, increased full year guidance, and improved cash flow expectations make the stock appealing. The firm continues to think that Take-Two has the potential to beat full-year results by a higher amount than any other company in its coverage universe and has the potential for large share buybacks. The firm raised its price target on the stock to $30 from $27. PRICE ACTION: In early afternoon trading, Take-Two rose $2.39 or 10.44% to $25.18 on heavy trading volume. The stock continues to hit fresh 52-week highs as the session unfolds. Including today's advance, the shares have gained approximately 47% over the past 12 months. OTHERS TO WATCH: Other companies in the video game space include Activision Blizzard (ATVI), up 2.12%, Majesco Entertainment (COOL), up 3.04%, Electronic Arts (EA), up 1.85%.
October 29, 2014
12:21 EDTATVIElectronic Arts surges after 'beat and raise' quarterly report
Shares of video game maker Electronic Arts (EA) are surging after the company's second quarter earnings per share and revenue topped analysts' estimates. The company also raised its fiscal year 2015 guidance. WHAT'S NEW: Electronic Arts' Q2 adjusted EPS was 73c, which beat analysts' consensus of 53c. The company's revenue for the quarter was $1.22B, which beat estimates of $1.16B. The video game maker anticipates third quarter EPS to be 90c, which is higher than analysts' 86c consensus. The company expects Q3 revenue of approximately $1.275B, which is slightly lower than analysts' expectations of $1.3B. Electronic Arts raised its FY15 EPS outlook to $2.05 from $1.85, which is higher than analysts' consensus of $1.92 prior to the new outlook. The company raised its FY15 revenue view to $4.175B from $4.1B, which was slightly ahead of the consensus estimate prior to the report. WHAT'S NOTABLE: EA stated that, in the calendar year to date, the company continues to be the number one publisher on Sony's (SNE) PlayStation4 and Xbox One consoles in the Western World, led by FIFA 15, NHL 15, Madden NFL 15, Titanfall, Battlefield 4, and FIFA 14. Electronic Arts noted that "Battlefield: Hardline" will debut on March 17, 2015 in North America and March 19, 2015 in Europe. On July 29, Electronic Arts announced in a post to its corporate blog that the company partnered with Microsoft (MSFT) to deliver EA Access, a new monthly, or annual, membership for gamers exclusively on Xbox One that starts at $4.99 a month. ANALYST REACTION: RW Baird analyst Colin Sebastian feels that digital growth was a notable aspect of Electronic Arts' Q2 earnings results. He said the quarter was driven by the combination of a rise in digital content sales and improved cost controls. Sebastian anticipates the video game maker will continue to improve its operating performance and benefit from solid growth in the future. Sebastian increased his price target on the stock to $45 from $43 and maintained an Outperform rating on the stock. Brean Capital analyst Todd Mitchell believes that Electronic Arts' Q2 earnings results will probably be out-shone by the push-back of its Battlefield 5 game to 2017. Mitchell expects Electronic Arts to sell approximately 4M units of "Battlefield: Hardline" by the end of FY15. He kept a Buy rating on Electronic Arts and raised his price target on the stock to $43 from $40. OTHERS TO WATCH: Electronic Arts peer Activision Blizzard (ATVI) is scheduled to give its Q3 earnings report on November 4. Another competitor, Take-Two (TTWO), is set to release its Q2 earnings numbers later on this afternoon. PRICE ACTION: Near noon, Electronic Arts climbed 3.6% to $38.83. Earlier in the session the stock hit a new 52-week high of $40.34.
October 28, 2014
14:44 EDTATVIActivision Blizzard says Noriega lawsuit dismissed
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10:27 EDTATVIGameStop retreats after Wal-Mart begins selling used video games
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