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ATVI

Activision Blizzard

$51.35

0.52 (1.02%)

08:45
01/11/19
01/11
08:45
01/11/19
08:45

Technical Take: Activision Blizzard drops as Bungie gets 'Destiny' rights

The company announced last night after the close that it was transferring publishing rights to the "Destiny" franchise to Bungie. In pre-market trading the shares were last down over 8.6% to $46.90. At that price next support is at $45.85. The 52-week low is at $43.71. Resistance is at $47.77. Several firms trimmed or cut price targets following the announcement. None of those target changes were below current trading price. MKM Partners made a large cut from $68 down to $48.

  • 12

    Feb

ATVI Activision Blizzard
$51.35

0.52 (1.02%)

01/11/19
BNCH
01/11/19
NO CHANGE
Target $87
BNCH
Buy
Activision Blizzard price target lowered to $87 from $93 at Benchmark
After Activision Blizzard announced last night that Bungie will assume full publishing rights and responsibilities for the Destiny franchise, Benchmark analyst Mike Hickey said he believes the company is "continuing a clandestine restructuring," citing its recent management reshuffle, Blizzard cost cutting, franchise changes and headcount reductions. He has removed $177M and $496M in sales from the Destiny franchise for fiscal 2019 and FY20, respectively, from his estimates and lowered his price target on Activision Blizzard to $87, though he maintains a Buy rating on the stock.
01/11/19
STFL
01/11/19
NO CHANGE
STFL
Buy
Stifel sees limited FY19 financial impact to Activision from giving up Destiny
After Activision Blizzard announced last night that it plans for Bungie to assume full publishing rights for the Destiny franchise, Stifel analyst Drew Crum said he thinks the financial impact on his published 2019 estimates will be limited. The separation makes sense, as the relationship with Bungie seemingly deteriorated following what Activision management described as a disappointing performance for "Destiny 2: Forsaken" and Crum thinks this should free up resources to develop new IP and support existing franchises, such as Call of Duty live services, he said. He maintains a Buy rating on Activision Blizzard shares.
01/11/19
MSCO
01/11/19
NO CHANGE
MSCO
Overweight
More pipeline uncertainty to weigh on Activision multiple, says Morgan Stanley
After Activision Blizzard announced that Bungie would be taking over full publishing rights and responsibilities for the Destiny franchise, Morgan Stanley analyst Brian Nowak said he views this as in part due to a decision to reallocate resources away from Destiny, which has been recently underperforming the company's and his expectations. He estimates the impact to 2019 EPS to be only about 3%, but thinks that higher pipeline uncertainty, recent execution missteps and management departures will weigh on the stock's multiple. Nowak keeps an Overweight rating on Activision Blizzard shares, but said his model in under review.
01/11/19
MKMP
01/11/19
NO CHANGE
Target $48
MKMP
Neutral
Activision Blizzard price target lowered to $48 from $68 at MKM Partners
MKM Partners analyst Eric Handler lowered his price target on Activision Blizzard to $48 and kept his Neutral rating, citing the company's "reduced financial visibility and limited capital appreciation potential" for 2019. The analyst notes that the company's portfolio is "in need of being reinvigorated, especially with Live Service", but expects 2019 to be a year of transition for Activision Blizzard as it scales down its "non-franchise games". Handler further warns that the company's earnings could decline by high-single to low-double digits in FY19, which would require a "significant downward revision in Street estimates."

TODAY'S FREE FLY STORIES

JNPR

Juniper

$27.99

0.16 (0.57%)

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PTC

PTC

$84.73

-1.14 (-1.33%)

20:28
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    Jan

UNP

Union Pacific

$154.20

-0.8 (-0.52%)

, BMY

Bristol-Myers

$49.92

0.21 (0.42%)

20:25
01/23/19
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20:25
Earnings
Notable companies reporting before tomorrow's open »

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UNP

Union Pacific

$154.20

-0.8 (-0.52%)

BMY

Bristol-Myers

$49.92

0.21 (0.42%)

LUV

Southwest

$50.97

0.425 (0.84%)

MKC

McCormick

$139.03

0.31 (0.22%)

FCX

Freeport McMoRan

$12.30

-0.08 (-0.65%)

GWW

Grainger

$297.12

-3.29 (-1.10%)

AAL

American Airlines

$31.57

-1.18 (-3.60%)

HBAN

Huntington Bancshares

$13.56

0.05 (0.37%)

TXT

Textron

$49.19

0.76 (1.57%)

JBLU

JetBlue

$17.23

-0.13 (-0.75%)

AEP

American Electric

$77.00

0.65 (0.85%)

TAL

TAL Education

$31.21

-0.01 (-0.03%)

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ADTN

Adtran

$12.25

0.49 (4.17%)

20:14
01/23/19
01/23
20:14
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20:14
Earnings
Adtran reports Q4 adjusted EPS (12c), consensus (3c) »

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    Jan

MSFT

Microsoft

$106.77

0.91 (0.86%)

, GOOGL

Alphabet Class A

$1,085.27

6.59 (0.61%)

20:10
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Periodicals
China blocks Microsoft's Bing search engine, FT reports »

China regulators have…

MSFT

Microsoft

$106.77

0.91 (0.86%)

GOOGL

Alphabet Class A

$1,085.27

6.59 (0.61%)

BIDU

Baidu

$163.22

2.81 (1.75%)

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EBAY

eBay

$32.62

-0.3 (-0.91%)

20:03
01/23/19
01/23
20:03
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20:03
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eBay analyst commentary  »

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  • 03

    Mar

CLR

Continental Resources

$45.30

-0.27 (-0.59%)

20:00
01/23/19
01/23
20:00
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20:00
Conference/Events
Continental Resources to host conference call »

Conference call to…

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  • 23

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APY

Apergy

$33.20

-0.35 (-1.04%)

19:55
01/23/19
01/23
19:55
01/23/19
19:55
Initiation
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AMZN

Amazon.com

$1,641.50

7.35 (0.45%)

19:15
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01/23
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SMBK

SmartFinancial

$18.35

0.21 (1.16%)

19:08
01/23/19
01/23
19:08
01/23/19
19:08
Earnings
SmartFinancial reports Q4 operating EPS 43c, consensus 37c »

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  • 24

    Jan

MLRYY

Mail.Ru Group

$0.00

(0.00%)

19:05
01/23/19
01/23
19:05
01/23/19
19:05
Downgrade
Mail.Ru Group rating change at Goldman Sachs »

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BABA

Alibaba

$152.03

-0.1 (-0.07%)

18:58
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01/23
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Periodicals
Zhongnan Group to buy Alibaba-backed EasyHome for CNY38B, Bloomberg says »

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  • 30

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JPM

JPMorgan

$102.72

-0.23 (-0.22%)

18:55
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01/23
18:55
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18:55
Periodicals
JPMorgan exec says private bank expands ops in Mexico, Reuters says »

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  • 26

    Feb

SLM

Sallie Mae

$9.49

0.1 (1.07%)

, XLNX

Xilinx

$89.55

-0.89 (-0.98%)

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SLM

Sallie Mae

$9.49

0.1 (1.07%)

XLNX

Xilinx

$89.55

-0.89 (-0.98%)

AZPN

Aspen Technology

$89.08

0.22 (0.25%)

LRCX

Lam Research

$139.24

-0.58 (-0.41%)

URI

United Rentals

$115.98

-2.21 (-1.87%)

TER

Teradyne

$31.93

0.13 (0.41%)

VAR

Varian Medical

$126.83

1.57 (1.25%)

CP

Canadian Pacific

$195.71

0.02 (0.01%)

TXN

Texas Instruments

$95.49

-1.05 (-1.09%)

F

Ford

$8.34

-0.17 (-2.00%)

BGG

Briggs & Stratton

$13.73

-0.46 (-3.24%)

PTC

PTC

$84.73

-1.14 (-1.33%)

CTXS

Citrix

$108.64

0.4 (0.37%)

LVS

Las Vegas Sands

$57.25

0.26 (0.46%)

FFIV

F5 Networks

$159.65

2.5 (1.59%)

CCI

Crown Castle

$110.28

1.13 (1.04%)

NCNA

NuCana

$14.37

-0.38 (-2.58%)

ADXS

Advaxis

$0.32

-0.0283 (-8.16%)

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FB

Facebook

$144.35

-3.45 (-2.33%)

18:41
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Periodicals
Advocacy groups pushing FTC to force Facebook breakup, WSJ says »

Multiple advocacy groups…

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GOOG

Alphabet

$1,076.04

5.32 (0.50%)

, GOOGL

Alphabet Class A

$1,085.27

6.59 (0.61%)

18:38
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Periodicals
Devs say Google's Chrome proposal threatens ad blockers, Bloomberg says »

Developers are…

GOOG

Alphabet

$1,076.04

5.32 (0.50%)

GOOGL

Alphabet Class A

$1,085.27

6.59 (0.61%)

03/08/13
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  • 24

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  • 04

    Feb

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    Feb

  • 25

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  • 03

    Mar

FCPT

Four Corners Property Trust

$26.58

-0.09 (-0.34%)

, BLMN

Bloomin' Brands

$19.15

0.08 (0.42%)

18:36
01/23/19
01/23
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18:36
Recommendations
Four Corners Property Trust, Bloomin' Brands analyst commentary  »

Four Corners Property…

FCPT

Four Corners Property Trust

$26.58

-0.09 (-0.34%)

BLMN

Bloomin' Brands

$19.15

0.08 (0.42%)

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  • 14

    Feb

BAC

Bank of America

$28.91

-0.18 (-0.62%)

18:11
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Periodicals
Bank of America appoints Mike Joo as investment operating chief, Reuters says »

Head of global rates and…

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  • 12

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F

Ford

$8.34

-0.17 (-2.00%)

18:08
01/23/19
01/23
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18:08
Hot Stocks
Ford says Russian alliance 'under review' »

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F

Ford

$8.34

-0.17 (-2.00%)

18:04
01/23/19
01/23
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01/23/19
18:04
Hot Stocks
Breaking Hot Stocks news story on Ford »

Ford says 'not…

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CHMG

Chemung Financial

$41.99

-0.11 (-0.26%)

18:04
01/23/19
01/23
18:04
01/23/19
18:04
Earnings
Chemung Financial reports Q4 EPS $1.18, consensus $1.04 »

Reports Q4 loan loss…

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F

Ford

$8.34

-0.17 (-2.00%)

18:03
01/23/19
01/23
18:03
01/23/19
18:03
Hot Stocks
Breaking Hot Stocks news story on Ford »

Ford says 2019 will…

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F

Ford

$8.34

-0.17 (-2.00%)

18:01
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01/23
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18:01
Hot Stocks
Ford says 2018 auto EBIT benefited from improvement of market factors »

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HSIC

Henry Schein

$76.92

-0.45 (-0.58%)

17:56
01/23/19
01/23
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01/23/19
17:56
Hot Stocks
Henry Schein falls after saying it will not be key supplier to VCA,Pet Partners »

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HSIC

Henry Schein

$76.92

-0.45 (-0.58%)

17:51
01/23/19
01/23
17:51
01/23/19
17:51
Hot Stocks
Henry Schein will no longer be key supplier to VCA and Pet Partners »

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