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Stock Market & Financial Investment News

News Breaks
July 2, 2014
16:07 EDTCOOLMajesco regains compliance with Nasdaq
Majesco Entertainment announced that it has received a letter from The NASDAQ Stock Market advising that the company has regained compliance with NASDAQ's minimum bid price listing requirement. The company has satisfied the terms of the NASDAQ Listing Qualifications Panel by complying with the minimum bid price requirement of $1.00 per share under NASDAQ Listing Rule 5550(a)(2), and all other criteria for continued listing on The NASDAQ Capital Market. Accordingly, NASDAQ has advised that the matter is now closed.
News For COOL From The Last 14 Days
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October 30, 2014
12:45 EDTCOOLTake-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%.

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