Take-Two Interactive Software, Inc.
 (TTWO)

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  • Jun. 10, 2014, 10:53 AM
    • Grand Theft Auto V will launch on the PS4, Xbox One, and PCs this fall, Take-Two (TTWO) announces as the gaming industry's E3 conference continues.
    • The company promises the launches will be accompanied by "across-the-board graphical and technical improvements to deliver a stunning new level of detail." The PC version will also include "a video editor designed for advanced movie-making." (trailer video)
    • GTA V delivered a blockbuster launch for the PS3 and Xbox 360 last September, topping $1B in retail sales in its first 3 days of availability. Take-Two quickly followed up by launching Grand Theft Auto Online.
    | Jun. 10, 2014, 10:53 AM | 1 Comment
  • May 16, 2014, 2:43 PM
    • Though available only on the Xbox One/360 and PCs for now, Electronic Arts' (EA +2.1%) Titanfall was the bestselling game in U.S. physical retail channels for the second month in a row, per NPD's April numbers. Strong Titanfall sales have already fueled EA's big calendar Q1 beat.
    • Activision's (ATVI +0.7%) Call of Duty: Ghosts rebounded to #2 on NPD's list after coming in at #4 in March. Another Activision title, The Amazing Spider-Man 2, landed at #8.
    • Take-Two's (TTWO +0.9%) NBA 2K14 rose to #3 from #7 as the playoffs arrived. Grand Theft Auto V came in at #9.
    • Total physical retail game sales fell 10% Y/Y, as gamers direct more spending towards next-gen consoles (hardware sales rose 76%) and digital channels. But the figure represents an improvement from March's 27% decline.
    • One encouraging piece of data for the next-gen console cycle: NPD states PS4/Xbox One game sales are up 40% relative to PS3/Xbox 360 sales over their first 6 months of availability.
    • Game developers are ticking higher a couple days after selling off in response to Take-Two's soft calendar Q2 guidance, as is GameStop (GME +0.5%).
    | May 16, 2014, 2:43 PM
  • May 13, 2014, 5:40 PM
    | May 13, 2014, 5:40 PM
  • May 13, 2014, 4:48 PM
    • Take-Two Interactive (TTWO) -1.7% AH after reporting FQ4 earnings and revenues that easily beat expectations but issuing downside guidance for the current quarter and fiscal year.
    • In FQ4, steady sales of new videogame titles including "Grand Theft Auto" were not enough to prevent a 23% drop in revenue over the year-ago quarter when results benefited from the release of "BioShock Infinite."
    • Guidance for Q1 sees EPS loss of $0.35-$0.25 vs. analysts consensus estimate of a $0.12 loss, and revenues of $120M-$135M vs. $223M consensus.
    • FY 2015 guidance forecasts EPS of $0.80-$1.05 vs. $1.10 consensus and revenues of $1.35B-$1.45B vs. $1.38B consensus.
    | May 13, 2014, 4:48 PM | 6 Comments
  • May 13, 2014, 4:15 PM
    • Take-Two Interactive Software (TTWO): FQ4 EPS of $0.21 beats by $0.11.
    • Non- Gaap Revenue of $233.2M (-23.1% Y/Y) beats by $31.69M.
    • Shares +0.73% AH.
    | May 13, 2014, 4:15 PM | 2 Comments
  • May 12, 2014, 5:35 PM
    | May 12, 2014, 5:35 PM | 1 Comment
  • May 2, 2014, 1:34 PM
    • Joel Greenblatt's screen looks to find stocks with high "earnings yield" - a high ratio of profits to enterprise value. Companies are further screened for a strong return on capital. When a stock scores well with both criteria, it's usually a good company being undervalued by investors.
    • For picking individual stocks, there are probably better methods, but as a group, Magic Formula names have vastly outperformed the broad market.
    • Although defense names have done well over the past couple of years, the Magic Formula continues to identify Northrop Grumman (NOC +0.2%), General Dynamics (GD +1.4%), and Raytheon (RTN +0.6%) as attractive. Firearm names Smith & Wesson (SWHC +0.8%) and Sturm Ruger (RGR +0.3%) also make the cut.
    • A number of videogame makers show up as well: Take-Two (TTWO +0.3%), Activision Blizzard (ATVI +0.2%), GameStop (GME +2.8%), and the struggling recent IPO King Digital (KING -0.3%).
    • Not too surprisingly, the Magic Formula also continues to like plenty of big-cap tech names: Cisco (CSCO -0.2%), CA, Inc. (CA -0.5%), Microsoft (MSFT -0.5%), Hewlett-Packard (HPQ -0.5%), and Apple (AAPL +0.1%).
    • Hardly market laggards, media names like Time Warner (TWX -0.8%), Viacom (VIA +1.4%), Omnicom Group (OMC), and Starz (STRZA +2.3%) also show up on the list, as do struggling multi-level marketers and for-profit education stocks: HLF, NUS, APOL, ESI, CPLA.
    • Punished by investors for not being as hot as they once were, Coach (COH +0.2%), Francesca' Holdings (FRAN +0.1%), and Gap (GPS -1.3%) are Magic Formula picks today.
    | May 2, 2014, 1:34 PM | 8 Comments
  • Apr. 17, 2014, 6:58 PM
    • While U.S. physical retail video game sales have been slumping for some time (as shown by NPD's data), SuperData estimates U.S. digital gaming revenue rose 9% Y/Y in March to $936M.
    • Revenue for subscription titles such as Activision (ATVI +1.2%) cash cow World of Warcraft fell Y/Y, but download and free-to-play revenue rose. Electronic Arts' (EA -0.1%) much-hyped Titanfall delivered the most digital revenue among "boxed" titles.
    • SuperData estimates conversion rates (i.e. the ratio of paying users to total users) for social gaming platforms rose to 2.3% from 1.9% six months earlier. But Zynga (ZNGA +4.4%), which had a Q4 conversion rate of 1.7% and only averages $0.13 per DAU (less than its closest rivals), continues to trail.
    • Zynga rallied today after officially launching FarmVille 2: Country Escape (first announced in March) in the App Store and Google Play. Morgan Stanley praised the game's monetization potential last week.
    • In spite of widespread concerns about slumping Candy Crush Saga (KING -1.3%) usage, SuperData thinks the game is holding up reasonably well for now. It estimates spending rose 1.2% M/M (3 extra days helped), with mobile MAUs rising 0.3% and social (read: Facebook) MAUs falling 2.1%.
    • Other game developers: TTWO, GLUU, KNM, SGAMY
    | Apr. 17, 2014, 6:58 PM | 1 Comment
  • Apr. 2, 2014, 11:58 AM
    • The rumors were true: Amazon's (AMZN +0.6%) new streaming set-top will support "thousands" of Android games by next month (live blog). To play them, Amazon is providing an optional $40 controller that comes bundled with 1,000 Amazon coins (normally retails for $9.50) to buy games with, and a tablet controller app. A small number of titles can be played with the Fire TV's bundled remote.
    • Electronic Arts (EA -0.9%), Take-Two's (TTWO +0.2%) 2K Games unit, Sega, Gameloft, and Disney are among the game developers on board. Amazon, as reported, will also be developing its own titles. The Verge: "The graphics are pretty solid, they seem about on par with what you can get on top-end Android devices. It's not lagging at all."
    • Should Sony (SNE -0.6%), Ninetendo (NTDOY), and Microsoft be worried? The Fire TV, and perhaps also gaming set-tops reportedly on the way from Apple and Google, are unlikely to compel hard-core gamers to ditch their PS4s and Xbox Ones. But much like mobile devices, they could gain a strong following among consumers wanting a cheap, simple, casual gaming experience.
    • The Fire TV itself will sell for $99 - the same price as Apple TV and Roku 3. It begins shipping today.
    • Earlier: Amazon unveils Fire TV set-top
    | Apr. 2, 2014, 11:58 AM | 7 Comments
  • Feb. 18, 2014, 2:21 PM
    • Take-Two (TTWO +5.2%) is shutting down its Irrational Games studio, responsible for BioShock and BioShock Infinite. Studio chief Ken Levine states all but 15 of Irrational's employees will be laid off, and that he'll be "starting a smaller, more entrepreneurial endeavor at Take-Two."
    • Levine says Take-Two will eventually "announce a new endeavor with a new goal: To make narrative-driven games for the core gamer that are highly replayable." He adds the effort "will focus exclusively on content delivered digitally."
    • Shares have rallied today following news David Einhorn amassed a 3%+ stake in the game developer in Q4.
    | Feb. 18, 2014, 2:21 PM | 3 Comments
  • Feb. 14, 2014, 5:33 PM
    • David Einhorn's Greenlight Capital established a 2.9M-share EMC position in Q4, as well as a 1.3M-share stake in SunEdison (SUNE) and a 4.2M-share stake in Take-Two (TTWO). At current levels, the positions are respectively worth $74M, $18M, and $80M.
    • The Take-Two position translates into a 3.4% stake.
    • Greenlight also discloses it owned 47.6M Micron (MU) shares at the end of Q4. That's up from the 23M shares it owned in late November, and is good for a 4% stake in the memory giant.
    • Greenlight's Q4 13F
    | Feb. 14, 2014, 5:33 PM | 10 Comments
  • Feb. 7, 2014, 7:15 PM
    • More than two decades have passed since Activision (ATVI +14.4%) last traded at current levels, as a Q4 beat,  slight dividend hike, World of Warcraft subscriber growth, and game pipeline enthusiasm took precedence over below-consensus 2014 guidance.
    • Rivals Electronic Arts (EA +2.8%) and Take-Two (TTWO +2.2%) joined in on the fun. Shares of both companies are roughly $1 removed from their respective 52-week highs.
    • BofA/Merrill's Justin Post notes Activision has a history of issuing conservative full-year guidance to start the year, and considers the WoW sub growth a pleasant surprise.
    • Wedbush's Michael Pachter is upbeat about a 2014 pipeline that includes updates to WoW and Diablo III, and the launch of anticipated open world first-person shooter Destiny. He thinks the game could produce $500M or more in sales following its September release.
    • Activision stated on its CC (transcript) it thinks Destiny could be its third billion-dollar franchise (after Call of Duty and Skylanders), and that it's moving to a 3-year development cycle for Call of Duty titles (three studios take turns launching titles) to allow for better game development.
    | Feb. 7, 2014, 7:15 PM
  • Feb. 4, 2014, 12:46 PM
    | Feb. 4, 2014, 12:46 PM | 1 Comment
  • Feb. 4, 2014, 9:11 AM
    | Feb. 4, 2014, 9:11 AM | 2 Comments
  • Feb. 3, 2014, 4:51 PM
    | Feb. 3, 2014, 4:51 PM | 7 Comments
  • Feb. 3, 2014, 4:28 PM
    • Take-Two (TTWO) attributes its big FQ3 beat to strong holiday season sales of Grand Theft Auto V, NBA 2K14, and WWE 2K14, as well as solid digital sales growth (led by Grand Theft Auto Online).
    • For seasonally weak FQ4 (revenue is typically a fraction of FQ3 levels), Take-Two expects revenue of $170M-$200M and EPS of $0.00-$0.10, less than a consensus of $219.2M and $0.13. But Take-Two's FQ3 beat will likely overshadow its guidance.
    • $276.8M has been spent since Oct. 1 to buy back 16.2M shares (12M of those shares were purchased from Carl Icahn), providing a boost to EPS. Opex rose 16% Y/Y in FQ3 to $137.8M.
    • Take-Two's next major game launches are BioShock Infinite: Burial at Sea Episode 2 (ETA unknown) and Evolve (expected this fall).
    • CC at 4:30PM ET. FQ4 results, PR.
    | Feb. 3, 2014, 4:28 PM | 2 Comments
Company Description
Take-Two Interactive Software Inc is a developer, marketer and publisher of interactive entertainment for consumers around the globe. The Company develops and publishes products through its two wholly-owned labels Rockstar Games and 2K.