Today we’re discussing ‘Destiny,’ the upcoming MMO shooter from Bungie, creators of the ‘Halo’ series. Activision, the publishing company behind Destiny, has invested $500 million in the game, but will their gamble pay off? Thanks for watching the show. You can follow us on Facebook and Twitter @IBTimesTV.
Welcome to 60 Sec Tech - one minute of what you need to know in the tech world. Today, Activision announced the existence of the “Destiny” beta to be released ahead of the confirmed September 9th full retail version. There's no word on an official day for the beta opening, but Activision promised it would be in the summer. That does it for today. Stay tuned for another episode of 60 Sec Tech.
Video game publishers Electronic Arts and Activision Blizzard Inc posted quarterly profit and revenue that beat expectations on Tuesday, sparking a rally in their shares. On Nasdaq, Electronic Arts rose 15 percent after closing at $28.05, and Activision climbed 4 percent after closing at $19.31. Electronic Arts also said it will set aside $750 million for a new share repurchase program.
Investors are cheering as if they'd won the war. Activision Blizzard, the maker of war-simulation game Call of Duty, won independence from France's Vivendi. Activision and its management are buying the bulk of Vivendi's stake in the company for $8.2 billion.
Blockbuster video games played the world over - the likes of World of Warcraft and Call of Duty are worth billions. Now French media giant, Vivendi, is selling the bulk of its stake in the creator of those games, Activision Blizzard. It's letting go of an 85 per cent stake for $8.2 billion - at $13.60 per share that's a ten per cent dicount on Thursday's closing price.
The Procter & Gamble Company (NYSE: PG) reported fiscal first-quarter earnings excluding items of $1.05 per share on revenue of $21.21 billion, compared with earnings of $1.06 a share a year-ago. Wall Street had expected the company to report earnings excluding items of $1.05 a share on $21.05 billion in revenue, according to analysts polled by Reuters. On Friday, shares of Procter & Gamble edged down 0.91 percent to $79.88 in morning trading. Also before the bell, United Parcel Service, Inc.
TheStreet's Jim Cramer says there is a battle between growth and value for the soul of the market. Cramer says Proctor & Gamble has very little growth but it has a great yield and the stock has been going up since it reported earnings, which the market did not like. On the other hand, Starbucks has flatlined despite a remarkable quarter. Cramer says senior growth stocks like Starbucks will begin to percolate as big software-as-service companies continue to fail to catch a bid.
Macau, the hot gambling spot off mainland China, reported its first drop in casino revenue since the government began publishing figures in 2010. Over June, total gambling revenue at the region's 35 casinos slipped 3.7% to around $3.4 billion, slightly narrower than a 4% to 6% drop many analysts had expected.
TheStreet's Jim Cramer says markets appear to be brushing-off weak PMI data from China because expectations were already low. Macau gambling revenue is up 13 percent for March, and Cramer believes this is because industrials in China are slowing down and individual consumption is gaining speed.