Activision Blizzard (ATVI) Stock Up On Call Of Duty XP Event
Zacks Investment Research | Sep 05, 2016 09:04PM ET
Activision Blizzard’s (NASDAQ:ATVI) Call of Duty XP event was held in California over the last weekend. Players from across the world participated in the event to play and compete in the Call of Duty World League Championship and even live stream their games on Facebook (NASDAQ:FB) .
The event was an important one for the company as it showcased its upcoming game titles like Call of Duty: Infinite Warfare. In addition, gamers also got a glimpse of titles like Call of Duty: Modern Warfare Remastered and Call of Duty: Black Ops III (both in multiplayer mode). The company even had a Call of Duty theme park to engage fans in various activities.
The Call of Duty World League Championship had 32 teams from across the globe competing for a prize of $2 million. As the company stated in the press release “This is it. The ultimate competitive stage for Call of Duty.”
The event will likely spark interest in Call of Duty: Infinite Warfare and the Call of Duty: Modern Warfare Remastered, which are scheduled to be launched on Nov 4, 2016.
Call of Duty is one of the most important revenue generators for the company. The response to the event not only lifted investors’ sentiments but also raised expectations for the upcoming titles. The event highlighted that the company is well placed to gain from the approaching holiday season binge.
Apart from this event, investors were also encouraged by the response received for World of Warcraft's Legion that was released earlier last week.
As a result of these, shares were up 1.55% on Friday and touched a new 52-week high of $43.10 before closing at $42.81.
Currently, Activision has a Zacks Rank #2 (Buy). A couple of similarly-ranked stocks in the gaming space include Electronic Arts (NASDAQ:EA) and Take Two Interactive (NASDAQ:TTWO) .
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