Destiny 2 Didn’t Sell As Well As Expected Physically

Destiny

There’s no doubt that Destiny 2 is set to be one of Activision’s biggest draws this holiday season, and with the PC version fast approaching, the publisher is likely to put a big promotional push onto the game.

That said, it isn’t quite performing up to standard. That’s not to say it’s bombing or anything, but according to NPD sell-through data, a few Wall Street analysts have noted that the game’s physical sales haven’t been so hot.

Per their numbers, sales of the physical version of Destiny 2 have fallen over 50 percent in its first month, compared to how the original game performed.

That said, sales numbers are inconclusive, because there was nothing cited about digital sales, but analysts believe that, since Activision hasn’t said anything, there is slight concern over physical sales.

“The launch month of Destiny 2 was well short of the original iteration by a material amount,” noted Piper Jaffray analyst Michael Olson, speaking with CNBC.

And that’s just in the U.S., as numbers in the U.K. indicate just as big a drop, by an amount of 58 percent.

As to why the game isn’t selling so hot physically, some analysts believe that by shutting out the Xbox 360 and PlayStation 3 markets, it brought the audience down quite a bit. (The original Destiny came out for Xbox 360 and PlayStation 3, as well as newer platforms. It did, however, skip the PC platform.)

No word from NPD or Activision came from the reports, but the publisher did note the following:

“The original Destiny became the biggest new console video game franchise launch in history, and Destiny 2 surpassed the original’s records for engagement and digital sales in launch week. The Destiny universe will welcome a new community of players for the first time on PC on October 24th.”

So then, digital sales could be boosting the game’s success, since more players seem to be considering the convenience of downloading a game instead of heading to a store and buying a physical copy. That said, though, full game sales haven’t been disclosed just yet.

The reports did take a slight hit on Activision’s stock, dropping 2.3 percent by midday as a result. That said, though, the general stock was still up by 72 percent, so it’s not really big news.

Activision probably doesn’t need to worry, though. Destiny 2 is likely to muster a huge audience on PC, and then there’s next month’s Call of Duty: WWII to consider, which is gaining huge buzz.

Destiny 2 is available now for Xbox One and PlayStation 4, and will release on October 24th on PC.

Symantec Corporation (NASDAQ:SYMC) Lowered to Sell at Zacks Investment Research

Symantec Corporation (NASDAQ:SYMC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, October 3rd.

According to Zacks, “Estimates for Internet security provider, Symantec have been stable off late. Shares of the company have underperformed the industry over the past six months. The company faces increased competition from bellwethers such as Microsoft and Intel. Other small and medium-sized companies like Kaspersky, Trend Micro and VMware are consistently launching comparable products. Also, fluctuation in demand poses challenges for Symantec. Nonetheless, investment in growth areas such as Enterprise Backup, Storage Management and Security businesses are likely to boost Symantec’s long-term prospects. Additionally, restructuring initiatives and synergies from acquisitions are likely to support the company’s bottom line.”

Several other equities analysts have also commented on SYMC. Barclays PLC reiterated an “overweight” rating and set a $36.00 price objective (down from $38.00) on shares of Symantec Corporation in a research report on Thursday, August 3rd. Robert W. Baird reiterated a “hold” rating and set a $32.00 price objective on shares of Symantec Corporation in a research report on Friday, September 8th. Royal Bank Of Canada restated a “hold” rating and issued a $32.00 target price on shares of Symantec Corporation in a research report on Monday, July 31st. BidaskClub upgraded Symantec Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 23rd. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $35.00 price objective (up previously from $33.00) on shares of Symantec Corporation in a research report on Friday, August 4th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $31.52.

Symantec Corporation (NASDAQ SYMC) traded up 1.44% on Tuesday, hitting $32.36. The stock had a trading volume of 3,356,123 shares. The company’s market cap is $19.83 billion. Symantec Corporation has a 12 month low of $22.76 and a 12 month high of $34.20. The company has a 50-day moving average of $32.23 and a 200 day moving average of $30.54.

Symantec Corporation (NASDAQ:SYMC) last announced its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.15 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.20 billion. Symantec Corporation had a positive return on equity of 10.73% and a negative net margin of 8.68%. Symantec Corporation’s quarterly revenue was up 38.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 earnings per share. On average, analysts predict that Symantec Corporation will post $1.80 EPS for the current fiscal year.

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In related news, SVP Amy L. Cappellanti-Wolf sold 2,163 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $29.85, for a total value of $64,565.55. Following the completion of the sale, the senior vice president now owns 115,997 shares of the company’s stock, valued at $3,462,510.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael David Fey sold 1,348,831 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $28.84, for a total transaction of $38,900,286.04. Following the completion of the sale, the insider now directly owns 1,605,757 shares of the company’s stock, valued at approximately $46,310,031.88. The disclosure for this sale can be found here. In the last three months, insiders sold 1,662,816 shares of company stock valued at $48,437,529. 1.30% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its stake in Symantec Corporation by 7.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,982 shares of the technology company’s stock valued at $112,000 after acquiring an additional 292 shares during the last quarter. Sun Life Financial INC boosted its stake in Symantec Corporation by 44,100.0% in the second quarter. Sun Life Financial INC now owns 4,420 shares of the technology company’s stock valued at $125,000 after acquiring an additional 4,410 shares during the last quarter. Harfst & Associates Inc. bought a new position in Symantec Corporation in the second quarter valued at approximately $127,000. Johnson Financial Group Inc. boosted its stake in Symantec Corporation by 6.2% in the second quarter. Johnson Financial Group Inc. now owns 5,596 shares of the technology company’s stock valued at $158,000 after acquiring an additional 325 shares during the last quarter. Finally, Yakira Capital Management Inc. bought a new position in Symantec Corporation in the first quarter valued at approximately $217,000. 91.65% of the stock is currently owned by hedge funds and other institutional investors.

About Symantec Corporation

Symantec Corporation is a United States-based cyber security company. The Company offers products under categories, such as threat protection, information protection, cyber security services and Website security. Under threat protection, it offers Advanced Threat Protection, Endpoint Protection, Endpoint Protection Cloud, IT Management Suite, Email Security.Cloud, Data Center Security and Cloud Workload Protection products.

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Analyst Recommendations for Symantec Corporation (NASDAQ:SYMC)

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Buy or Sell? Average Brokerage Ratings on Symantec Corporation (SYMC), Intra-Cellular Therapies, Inc. (ITCI)

Symantec Corporation (NASDAQ:SYMC) gained 0.06% with the closing price of $33.07. The overall volume in the last trading session was 3.72 million shares.

Company Growth Evolution:

ROI deals with the invested cash in the company and the return the investor realize on that money based on the net profit of the business. Investors who are keeping close eye on the stock of Symantec Corporation (NASDAQ:SYMC) established that the company was able to keep return on investment at – in the trailing twelve month while Reuters data showed that industry’s average stands at 5.00 and sector’s optimum level is 10.45.

Symantec Corporation (SYMC) have shown a high EPS growth of -17.50% in the last 5 years and has earnings rose of 68.80% yoy. Analysts have a mean recommendation of 2.50 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The stock appeared $34.20 above its 52-week highs and is up 0.09% for the last five trades. The stock ended last trade at $33.07 a share and the price is up more than 38.43% so far this year. The company maintains price to book ratio of 0.00 vs. an industry average at 0.56. Its sales stood at -9.80% a year on average in the period of last five years. A P/B ratio of less than 1.0 can indicate that a stock is undervalued, while a ratio of greater than 1.0 may indicate that a stock is overvalued.

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI) ended its day at $15.45 with the rising stream of -7.26% and its total traded volume was 8.9 million shares more than the average volume.

Returns and Valuations for Intra-Cellular Therapies, Inc. (NASDAQ:ITCI)

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), maintained return on investment for the last twelve months at -, higher than what Reuters data shows regarding industry’s average. The average of this ratio is 5.00 for the industry and sector’s best figure appears 10.45. Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), at its latest closing price of $15.45, it has a price-to-book ratio of 0.00, compared to an industry average at 0.56. A lower P/B ratio could mean that the stock is undervalued. This ratio also gives some idea of whether you’re paying too much for what would be left if the company went bankrupt immediately.

Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), stock is trading $42.40 above the 52-week high and has displayed a high EPS growth of -59.00% in last 5 years. The 1 year EPS growth rate is 7.30%. Its share price has risen 21.85% in three months and is down -19.74% for the last five trades. The average analysts gave this company a mean recommendation of 1.80.

Buy or Sell? Average Brokerage Ratings on Symantec Corporation (SYMC), Altria Group, Inc. (MO)

Symantec Corporation (NASDAQ:SYMC) gained 1.15% with the closing price of $34.16. The overall volume in the last trading session was 5.61 million shares.

Company Growth Evolution:

ROI deals with the invested cash in the company and the return the investor realize on that money based on the net profit of the business. Investors who are keeping close eye on the stock of Symantec Corporation (NASDAQ:SYMC) established that the company was able to keep return on investment at – in the trailing twelve month while Reuters data showed that industry’s average stands at 4.84 and sector’s optimum level is 14.60.

Symantec Corporation (SYMC) have shown a high EPS growth of -17.50% in the last 5 years and has earnings rose of 68.80% yoy. Analysts have a mean recommendation of 2.50 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The stock appeared $34.17 above its 52-week highs and is up 1.27% for the last five trades. The stock ended last trade at $34.16 a share and the price is up more than 42.99% so far this year. The company maintains price to book ratio of 0.00 vs. an industry average at 0.53. Its sales stood at -9.80% a year on average in the period of last five years. A P/B ratio of less than 1.0 can indicate that a stock is undervalued, while a ratio of greater than 1.0 may indicate that a stock is overvalued.

Altria Group, Inc. (NYSE:MO) ended its day at $62.23 with the rising stream of -0.53% and its total traded volume was 5.61 million shares less than the average volume.

Returns and Valuations for Altria Group, Inc. (NYSE:MO)

Altria Group, Inc. (NYSE:MO), maintained return on investment for the last twelve months at -, higher than what Reuters data shows regarding industry’s average. The average of this ratio is 4.84 for the industry and sector’s best figure appears 14.60. Altria Group, Inc. (NYSE:MO), at its latest closing price of $62.23, it has a price-to-book ratio of 0.00, compared to an industry average at 0.53. A lower P/B ratio could mean that the stock is undervalued. This ratio also gives some idea of whether you’re paying too much for what would be left if the company went bankrupt immediately.

Altria Group, Inc. (NYSE:MO), stock is trading $77.79 above the 52-week high and has displayed a high EPS growth of 34.80% in last 5 years. The 1 year EPS growth rate is 173.00% . Its share price has decline -19.53% in three months and is down -0.43% for the last five trades. The average analysts gave this company a mean recommendation of 2.20.

Why James Dolan may be forced to sell the Knicks

New York Knicks owner James Dolan, a successful businessman, knows how to run a company. But the changing sports media market may finally force him to sell the Knicks.

There is no doubt New York Knicks owner James Dolan raised an eyebrow when the Houston Rockets sold for $2.2 billion. Similarly, he surely took notice when the Los Angeles Clippers sold for $2 billion to Steve Ballmer.

The Clippers sale was a special circumstance and was a forced sell because of the behavior of owner Donald Sterling. However, the sale of the Rockets signaled a new era for the business side of the NBA.

Money makes the world go round and there is plenty available in professional sports. Furthermore, the decline of MLB and even the NFL opens the door for the NBA. Team owners, players and the league itself reap the financial benefit of renewed interest in professional basketball.

Anyone that owns a business or pays attention to financial markets understands the risk involved. Ultra successful financiers buy at a low price and sell at a high price. Consequently, it may now be high time for Dolan to sell his Knicks.

A bundled mess

The New York Knicks and the entire NBA owe much of their financial success to TV rights deals with various national and local broadcasters. However, recent trends show a decline in subscribers for one of the NBA’s biggest partners: ESPN. Andrew Bucholtz of Awful Announcing reports ESPN lost 220,000 subscribers between March and August.

In May, Claire Atkinson of the NY Post reported ESPN‘s household viewership was down 3.3 percent from last year. One reason for this downtrend is how TV viewers are moving away from traditional cable and satellite bundles in favor of streaming services. The question is, how does this affect the New York Knicks and James Dolan?

James Dolan has made a fortune off of the same kind of Cable/Satellite bundles that seem to be trending downward. A report by Trey Williams of Market Watch on Monday revealed at least one market analyst thinks the Knicks could be sold. The reasoning? Before being caught up in the future downward trend, Dolan could sell the Knicks before the market for NBA teams collapses.

The future value of television rights for NBA games could drop as people move toward streaming services and away from traditional bundle packages. Eventually, that could erode the value of NBA franchises, like the Knicks. James Dolan may be a bad team owner, but he is not a dumb businessman. If Dolan foresees the NBA’s bubble bursting, he will sell the Knicks in a heartbeat.

James Dolan

(Photo by Tim Clayton/Corbis via Getty Images)

Sell high

Since 2010, 14 NBA teams of various market sizes have been sold, as noted by Tim Cato of SB Nation. In other words, almost half of the NBA’s franchises have changed ownership in less than a decade. This upward trend won’t last forever and eventually, record-breaking sale prices will be a thing of the past.

According to Forbes, the New York Knicks are the most valuable team in the NBA. No doubt, Dolan is aware that the future sale price of the Knicks would top $2 billion. Furthermore, the previously mentioned shift in television viewing means eventually, there will be less TV money for owners to split. The Market Watch report quoted Dolan’s thoughts on the future of TV rights:

“Today’s monetization system, the one we’ve had over the last 20 years… Where 90 something percent of the American public who has television pays for ESPN whether they watch ESPN or not, right?” Dolan said during a future of sports content panel at the Consumer Electronics Show in January. “All of that advertising, if that system falls apart, which it looks like it is starting to erode now, it will not even come close to that kind of production of rights value and that’s really the thing we will all have to grapple with.”

Dolan is already grappling with what the future holds for TV rights and for his business interests. While it is possible Dolan will stubbornly keep the Knicks, it wouldn’t be a smart business decision. There are no guarantees the next television deal will be anything like the $24 billion deal the NBA began last season.

Recently, Dolan has taken a notable step back from involvement in the day-to-day basketball decisions of the Knicks. A new front office led by Steve Mills and Scott Perry is dealing with Carmelo Anthony without any meddling from Dolan.

Just because it makes sense for James Dolan to sell the New York Knicks doesn’t mean it will happen. Yet, overblown values of NBA teams and the decline in subscription-based television may force Dolan to finally put his Knicks on the market.

Disney Is the Only Major Hollywood Studio Not Backing Apple’s Plan to Sell 4K Films at $20

Apple yesterday revealed the Apple TV 4K, a new set-top box that will bring all the features of the fourth-generation Apple TV, along with the ability to stream 4K HDR video content. This includes iTunes 4K movies, which the company confirmed will be sold for the same price as HD movies at $20 apiece. Users will even be able to gain access to 4K movies they’ve already purchased in HD at no extra charge.

When it made this announcement, Apple showed off a list of Hollywood studios during the keynote that will support 4K movies on iTunes at this price: 20th Century Fox, Lionsgate, Paramount, Sony, Warner Bros., and Universal Pictures. In a new report today, The Wall Street Journal noted that the major absence among this list is Disney.

The one absence from Apple’s list of big studios selling movies in UHD is Disney. It wasn’t immediately clear why the company behind Star Wars and Marvel couldn’t reach an arrangement with Apple. It currently sells its films in 4K on other digital stores, such as Wal-Mart Stores Inc.‘s Vudu, for $24.99.

Disney’s absence is particularly notable given a longstanding close relationship between the two companies. Disney Chief Executive Robert Iger is on Apple’s board of directors and Disney was the first studio to sell television shows and movies on iTunes.

Apple is said to have made deals with these studios so that 4K films would not rise above $20, but a few weeks ago it was reported that some studios were vying for $25-$30 for each 4K movie on iTunes. It isn’t currently clear why Disney films — which include Marvel and Star Wars — won’t be available in 4K on iTunes, but the WSJ pointed out that Disney currently sells its films in 4K on apps like Vudu, but at a higher price of $24.99. If talks fell through with Apple, that price tag is likely the reason why.

Apple’s negotiations with participating studios reportedly went down to the wire, ending just weeks ahead of the September 12 reveal of the Apple TV 4K. Some studios are also said to still be interested in offering movies on platforms like iTunes just weeks after they debut in theaters, suggesting time frames and prices like 17 days after a theatrical debut for $50, or four to six weeks from release for $30. These talks are still ongoing and it remains to be seen if Apple and iTunes would ultimately take part in such a feature.

Samsung is aiming to sell a Galaxy Note with a foldable screen in 2018 | Technology

Samsung is aiming to launch a Note smartphone with a screen that folds next year, which would likely be the first available to feature such an innovation.

Koh Dong-jin, president of Samsung’s mobile business, said the company is setting its eyes on 2018 to release a smartphone using its bendable OLED screen technology, but he said there are several hurdles it has to overcome, leaving room to push back the release if those problems are not solved.

Koh said: “As the head of the business, I can say our current goal is next year. When we can overcome some problems for sure, we will launch the product.”

Analysts said mass-producing a foldable phone with top tech features and a thin body will take time. Koh did not elaborate what the problems facing consumerisation of the foldable screen technology were.

When Samsung will release its first foldable phone, previously dubbed the “Galaxy X”, has been a question in the market since Samsung first showcased a flexible display prototype called Youm in 2013. For at least the past two years, there have been rumours that Samsung is close to showing off its first folding smartphones.

South Korean rival LG gained patents for a foldable tablet and displayed a working concept device earlier this year that could fold to create a phone-shaped device or unfold to create a much larger tablet. Chinese rival Lenovo showed off a similar 7.8in foldable tablet device, the Folio, which converts into a device with a 5.5in screen. But neither LG nor Lenovo publicly stated a timeframe for a consumer release of a foldable product.

Samsung has used its bendable screen technology in a variety of smartphones and televisions to create curved displays displays for its Galaxy S and Galaxy Note devices and curved TVs. It also sold a large, 78in TV that could convert from curved to flat and back again by bending the screen at the edges.

For years the idea of a device that could be both a tablet and a smartphone, altering its form to serve the user best at different times, has been the holy grail of technology. While the screen technology has been in place to enable it for several years, at least in prototype form, longevity of the displays and the inflexibility of other necessary components has held the concept back from the market.

Analysts are sceptical the technology can be perfected in a short space of time, but science fiction, including the recent HBO series Westworld, has shown how well the concept could work should the technology be ironed out.

A Wall Street Insider Says James Dolan Could Possibly Sell The Knicks

Getty Image

With the Rockets selling for $2.2 billion to Tilman Fertitta, more than half a billion more than their 2017 Forbes valuation of $1.65 billion, it’s clear that the market for NBA franchises has never been bigger. Now that Houston is off of the market, the Nets are expected to be the next team to change ownership as Mikhail Prokhorov has reportedly been shopping the team to overseas buyers in China.

While the Nets would be an unsurprising team sale, the other New York franchise would be a stunner, but there are some on Wall Street speculating that James Dolan listening to offers for the Knicks (or Rangers) could be a possibility.

According to BTIG’s Madison Square Garden analyst Brandon Ross, the sale of the Rockets for $2.2 billion could spark interest in Dolan to at least consider offers to sell the Knicks.
As Marketwatch notes, Dolan is keenly aware of the decline of the cable TV bundle as the former owner of Cablevision (which he sold recently) and MSG and MSG Networks, and, thus, he knows the dangers the collapse of the cable bundle has for sports television rights to decrease.

“Today’s monetization system, the one we’ve had over the last 20 years… Where 90 something percent of the American public who has television pays for ESPN whether they watch ESPN or not, right?” Dolan said during a future of sports content panel at the Consumer Electronics Show in January. “All of that advertising, if that system falls apart, which it looks like it is starting to erode now, it will not even come close to that kind of production of rights value and that’s really the thing we will all have to grapple with.”

With the NBA’s latest TV rights deal causing franchise valuations to skyrocket, it’s possible that Dolan could see this as the perfect time to get out before the bubble bursts and the decline of cable TV leads to a smaller rights deal in the future. As to whether he would sell the Knicks or the Rangers, because NBA teams are so much more valuable, Ross notes that it’d be far more lucrative for him to cash out on the Knicks should he decide to only sell one of the teams.

“Given Dolan’s views, we would think he would have to consider at least partially monetizing MSG’s sports interests (even with the Knicks at a competitive lull), if not now than in the near- to medium-term,” Ross wrote. “The largest dollar upside would clearly come from selling all or part of the Knicks.”

At a $3.3 billion valuation in the latest Forbes estimates, it’s conceivable, as Ross noted, the Knicks could fetch a record $4 billion price tag.

Should a group be willing to pony up that kind of money, it would have to force Dolan to consider selling the team and, in turn, delight Knicks fans that have loathed Dolan for nearly two decades.

(via Marketwatch and Street Insider)

Why Jim Dolan Could Sell New York Knicks

Analyst: Why Jim Dolan Could Sell The New York Knicks

After the $2.2-billion sale of the Houston Rockets, an unloading of the New York Knicks by owner Jim Dolan could be a slam dunk.

Madison Square Garden Co (NYSE: MSG) and live entertainment are the Dolan family’s focus, and the company’s executive chairman has said sports are in a “bubble” and face shrinking revenues, BTIG Research analyst Brandon Ross said in a note.

The company is likely to go private, and the sale of the Knicks could pave the way for such a move and provide a cash influx for an “aggressive expansion” in the remaining live entertainment business, Ross said.

Macquarie Research recently valued the Knicks at $3.5 billion. Monday’s BTIG note questioned whether the team could pull more than $4 billion in a sale.

BTIG maintains a Buy on Madison Square Garden Co. with a $260 price target (see Ross’ track record here).

“If the Dolans do not monetize their sports interests, a separation of the sports teams from the rest of [Madison Square Garden] makes sense in the near future,” Ross said.

The Future Of Broadcasting Revenue

Dolan has been pulling back from legacy television: First with the stock split of Madison Square Garden Co. and MSG Networks Inc., then with the sale of Cablevision to Altice USA Inc (NYSE: ATUS), according to BTIG.

The 62-year-old Dolan, who also owns the New York Rangers NHL team, said at this year’s Consumer Electronics Show in Las Vegas that sports team revenues will shrink as multichannel video programming distributor bundles decline.

“All of that advertising, if that system falls apart — which it looks like it is starting to erode now — it will not even come close to that kind of production of rights value, and that’s really the thing we will all have to grapple with,” he said, according to BTIG.

While the research firm said its take on sports broadcasting revenue is in line with Dolan’s, Ross said it’s worth asking whether new digital buyers will bid up sports rights when the deals in place today expire.

Amazon.com, Inc. (NASDAQ: AMZN) and Facebook Inc (NASDAQ: FB) are experimenting with licensing sports, “but how aggressive they will be is an uncertainty,” Ross said.

The NBA’s national TV deal expires in 2025, the analyst said.

Related Links: 

Houston Rockets’ $2.2 Billion Sale Boosts MSG’s Stock

5 Sectors Millennials Prefer To Consumer Goods, And The Stocks That Prove It

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Latest Ratings for MSG

Date Firm Action From To
Aug 2017 Jefferies Maintains Hold
Jul 2017 Morgan Stanley Maintains Overweight
May 2017 Bank of America Initiates Coverage On Buy Buy

View More Analyst Ratings for MSG

View the Latest Analyst Ratings

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Nintendo May Sell Out Switch This Holiday Season, President Admits

Nintendo May Sell Out Switch This

Janko Roettgers / Variety

Nintendo is well on its way to sell 10 million units of its Switch game console this fiscal year, but the company may still run into supply issues during the holiday season, admitted Nintendo of America president and chief operating officer Reggie Fils-Aime during Variety’s Entertainment and Technology Summit in Los Angeles Thursday.

“Certainly the demand is there, and our supply chain is there” to hit the 10 million goal, he said, but he didn’t want to commit to fulfilling the demand for the coming holiday season. “Are we going to have enough for the holiday? That’s what we are focused on.”

Fils-Aime used his appearance at the conference to stretch that Nintendo does more than just video game consoles. “People think of us as a pure gaming company. We see ourselves as an entertainment company,” he said.

Some of these efforts involve Nintendo’s mobile app business, which includes the “Super Mario Run” game. That title has been downloaded more than 150 million units to date — and in turn become not just a profit driver, but also a kind of market intelligence tool for the company. Nintendo has seen a lot of success for it in markets where  it doesn’t sell any hardware yet, said Fils-Aime. Now, it can use those insights to target these markets by introducing its own hardware there.

Nintendo has also struck some partnerships with companies like Universal Studios to extend its reach beyond traditional gaming. Asked whether Nintendo may eventually also partner on movies or TV shows, Fils-Aime said: “All of those options are potentially on the table.” However, he also reminded his audience that his company has had missteps in this space, including the 1993 movie “Super Mario Bros.” “It may have the lowest Rotten Tomato score out there,” he quipped.

Nintendo is applying the same deliberate approach to new technologies like virtual reality (VR). “It’s technology that we have been looking at literally tens of years,” he said. However, unlike others, Nintendo isn’t ready to jump in heads-first just yet. “There’s not a lot of experiences yet that are truly fun.”

Augmented reality (AR) however is a different beast, he said, pointing to the success of “Pokemon Go.” “We have a lot of experience with AR. The potential for AR is here and now.”