Activision in the news today as UK CMA (Competitive and Market Authority) blocked at the Microsoft merger saying that the deal would "alter the future of fast-growing cloud gaming market, leading to reduced innovation and less choice for UK gamers over the years to come".Activision calls the CMA decision disproportionate and irrational.
Activision added to that news stream by announcing their earnings a day earlier. Those earnings are a bead on the top and bottom line
- EPS $0.60 versus $0.52 as threat
- Revenues $1.86 billion versus $1.79 billion estimate.
The stock is currently down $9.96 or -11.49%.
The announcement is not hurting the gains that Microsoft has seen since announcing their earnings after the close yesterday. The shares are currently up $20.15 or 7.33% at $295.52.
The markets are in flux as concerns about banking – specifically First Republic Bank - remain a concern. Their shares are down $1.89 or -23.33% is $6.22. However they reached a low of $4.76.
The Dow industrial average is down -35 points or -0.10% at 33495.81. The S&P is trading above and below unchanged but currently trades up at 10.3 points or 0.25% at 4082.06. The NASDAQ index remains the outperformer with a gain of 133.79 points or 1.11% at 11933.96. For the NASDAQ index is approaching it's a 200 hour moving average at 11950.06.
