Activision Posts Big Beat to Start 2017; Call of Duty Appears Poised to Rebound
Activision Blizzard reported a strong start to 2017 as first-quarter GAAP results came in well above our projections and guidance. Management raised its full-year 2017 GAAP revenue guidance to $6.1 billion from $6.0 billion and its GAAP EPS guidance to $0.88 from $0.72. However, the guidance raise was less than the beat in the first quarter, implying some weakness later in the year. We are maintaining our narrow economic moat rating. We are raising our fair value estimate to $42 from $39 as we i...Activision Blizzard is a global developer and publisher of interactive entertainment content and services. The company's segments are: Activision Publishing, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the console platform; Blizzard Entertainment, Inc., which is a global developer and publisher of interactive software products and entertainment content, particularly for the personal computers platform; and King Digital Entertainment, which is a global developer and publisher of interactive entertainment content and services, particularly for the mobile platform, including for Google Inc.'s Android and Apple Inc.'s iOS.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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