The Walt Disney Company
Rating: Sector Perform
Price: $26.22
Strong expense control in Parks allows EPS to beat despite revenue miss. Disney reported sales and non-GAAP EPS of $8.6 billion and $0.52, respectively, versus our estimate of $8.8 billion and $0.49. The EPS upside versus our estimate came from better theme park margins, which are impressive given the amount of promotion that Disney is supporting. Sales missed our forecast in all segments, but the deviation was consistently modest.
Continue reading »
DIS, Media-Film - July 31st, 2009 — 5:28am
Sony Corporation
Rating: Sector Perform
Price: 27.82
Reiterates outlook after beating Q1 EPS. Sony beat our and consensus FQ1 (June) earnings estimates, but missed our sales forecast, which was ahead of the Street. It reiterated its fiscal-year guidance. Expectations were very low due to ongoing global macroeconomic weakness; results were therefore better than expected. While Sony does not guide to quarterly results, it beat its internal forecasts.
Continue reading »
Games, SNE - July 30th, 2009 — 11:40am
THQ, Inc.
Ticker: THQI
Rating: Sector Perform
A solid FQ1 (June), but Q2 guidance will likely disappoint the Street. THQ posted a better-than-expected bottom line, but FQ2 guidance that was in line with our estimates, which were well below the Street. What we expect to be disappointing profitability in FQ2, after a mini resurgence in FQ1, will likely give the appearance that THQ’s strong FQ1 was driven almost exclusively by UFC rather than by a broader turnaround.
Continue reading »
Games, THQI - July 29th, 2009 — 5:14am
DreamWorks Animation SKG Inc.
Ticker: DWA
Rating: Outperform
DreamWorks reports Q2 EPS upside. DreamWorks Animation reported Q2 revenue and EPS of $132.0 million and $0.30 versus our estimates of $135.0 million and $0.20. Results benefited by $24.0 million and $0.10 from an accounting change in the recognition of videogame royalties. Without this change, results were relatively in line with Street forecasts and our expectations after weak Monsters vs. Aliens (MvA) international box-office results.
Continue reading »
DWA, Media-Film - July 29th, 2009 — 5:14am
Ubisoft Entertainment
Rating: Outperform
Price: €14.64
Ubisoft misses 1H sales forecast, reiterates 2H guidance. Ubisoft reported fiscal Q1 (June) sales of €83 million, well below our and Street estimates of €100 million and €101 million. It also delayed four games, two out of the year and two from fiscal Q3 (Dec.) to fiscal Q4 (March).
Continue reading »
Games, UBI.FR - July 28th, 2009 — 5:07am
Event:
Ubisoft (UBI.FR, Outperform) reported FQ1 (June) sales
CC @ 9:15 AM PST, 718-354-1388, code 4447116
Continue reading »
Games - July 27th, 2009 — 9:14am
Event:
We are publishing our Q2 earnings preview for our Video Games, Chinese Online Games and Entertainment coverage list
Focus Stocks:
ERTS – We expect it to meet or beat Street Q2 forecasts
SNDA – We expect it to meet or beat Street Q2 forecasts
NTES – We expect it to meet Q2 Street forecasts
Continue reading »
Games, Online Games (China) - July 22nd, 2009 — 10:51am
Activision Blizzard, Inc.
Rating: Outperform
Price: $11.70
Q2 earnings should be in line or better. Activision should report Q2 results next week. We expect it to meet or beat Q2 forecasts. There is growing skepticism around this much-loved story based on a few rumors, largely insignificant business changes and lackluster industry sales. We remain confident in our forecasts and that Activision has set expectations low enough to drive estimates higher in the next two quarters.
Continue reading »
ATVI, Games - July 20th, 2009 — 5:27am
June sales declined 29% year over year. NPD released June U.S. console and handheld videogame sell-through data (May 31 through July 4) last night. Sales declined 29% year over year to $626 million due to comparisons to Metal Gear Solid 4, Lego Indiana Jones, GH Aerosmith, Rock Band Wii, Battlefield Bad Company and Kung Fu Panda. Top new titles this year included [PROTOTYPE], Tiger Woods PGA Tour 10, Fight Night Round 4 and Ghostbusters.
Continue reading »
Games - July 17th, 2009 — 5:06am
Event:
NPD just released June U.S. video game sales data
Details:
Industry:
-29% to $626M vs. est. -20% to $700M
Continue reading »
Games - July 16th, 2009 — 1:51pm
