Activision stock gains after company breaks 35 million downloads for 'Call of Duty: Mobile'Published a month ago
Activision Blizzard Inc. shares are rising again in premarket trading Friday after the company announced that "Call of Duty: Mobile" has racked up more than 35 million downloads since its launch earlier this week. Activision President Rob Kostich said in a release that the game was "on its way to becoming the 1 ranked iOS app in downloads overall, not only among games, but also among all apps, in 100 countries. " Shares of the videogame publisher climbed 3. 5% in Thursday trading after analysts weighed in on third-party download data. "While it's too early to gauge the longevity of any contribution, the early results are a positive indication of consumer willingness to engage with the game and spend money, " wrote Jefferies analyst Alex Giaimo. "We believe the early success of 'CoD Mobile' provides additional cushion to Activision's 4Q guide, helping to mitigate reliance on 'Modern Warfare' and investor concern around Activision's 2Q comments of a 'wider range of possible outcomes' in 2H19. " On Wednesday, however, Bernstein analyst Todd Juenger downgraded the stock, warning of "too much hope" around the company's 2019 slate and future releases. The shares are up 11% over the past three months, while the S&P 500 has lost 2. 8%.