|Bid||96.00 x 900|
|Ask||101.00 x 1100|
|Day's Range||94.51 - 96.36|
|52 Week Range||84.41 - 139.91|
|Beta (3Y Monthly)||1.07|
|PE Ratio (TTM)||30.12|
|Earnings Date||May 14, 2019 - May 20, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||122.36|
Shares of games makers took an afternoon hit Monday, after Apple Inc. introduced a new game subscription service called Apple Arcade. Shares of Activision Blizzard Inc. fell 0.7%, after being little changed ahead of the announcement; Electronic Arts Inc. as down 1.3%, after being down about 0.7% ahead of the announcement; and Take-Two Interactive Software Inc. eased 0.5%, after being little changed before the announcement. GameStop Corp.'s stock gave up 3.2%, but was down 2.4% ahead of the Apple Arcade announcement. Meanwhile, Apple shares shed 1.8% to pace the Dow Jones Industrial Average's decliners.
Apple Inc. announced a new gaming subscription service on Monday, featuring "over 100 new and exclusive games." The service will have games from Cartoon Network, Finji, Giant Squid, Snowman and other independent publishers. The service doesn't include titles from major publishers Activision Blizzard Inc. , Electronic Arts Inc. or Take-Two Interactive Software Inc. . Apple didn't disclose pricing for the service. The company said that the games on this service won't have ads or the option for in-app purchases. Apple plans to launch Arcade in the fall in more than 150 countries. Arcade will be housed within the App Store and will be playable across devices, including the Apple TV. Shares are off 1.7% in afternoon trading, and they've gained 28% over the past three months as the Dow Jones Industrial Average , of which Apple is a component, has risen 17%.
Apple Inc on Monday launched Apple Arcade, the company's game subscription service for mobile devices, desktop computers and "living room" devices. Shares of game publishers EA and Take-Two were ...
Gaming Ban and Higher Costs Hit Tencent’s Q4 EarningsTencent’s fourth-quarter earnings Tencent (TCEHY) reported its fourth-quarter earnings results on March 21, 2019. The company generated revenue of 84.9 billion Chinese yuan, a YoY
Activision (ATVI), in collaboration with Tencent, announces the public beta version of Call of Duty: Mobile, exclusively developed for Android and iOS users.
Video gaming industry is gaining steam with the latest hot event being Google's planned launch of a streaming platform Stadia. Play the craze with these ETFs.
Tencent’s Q4 Earnings: Analysts' ExpectationsTencentTencent (TCEHY) is expected to release its fourth-quarter earnings on March 21. Analysts polled by Thomson Reuters expect the company’s revenues to rise 2.1% sequentially to 82.2 billion
It's not difficult to understand why some investors see Activision Blizzard (NASDAQ:ATVI) as attractive at current levels. After all, Activision stock is much cheaper than it used to be, having dropped some 47% from its early October highs.Source: Shutterstock And while the company's 2019 guidance was disappointing, ATVI stock still has some positive catalysts. The gaming market is still growing, and Activision Blizzard can tap into that growth with three attractive franchises. * Top 7 Service Sector Stocks That Will Pay You to Own Them On this site earlier this month, both Will Ashworth and Josh Enomoto have explained why investors should "buy the dip" of ATVI stock. Both authors made good points.InvestorPlace - Stock Market News, Stock Advice & Trading TipsMoreover, Activision stock traded above $80 just a few months ago. It's one of the giants of gaming, along with Electronic Arts (NASDAQ:EA) and Take-Two Interactive (NASDAQ:TTWO). Some of the company's headwinds should fade, and it should resume growing.But I've been skeptical about ATVI stock for a long time, and even after its pullback, I'm not ready to turn bullish on Activision stock. Trading at 21 times the company's 2019 earnings per share guidance, excluding certain items, ATVI is not necessarily cheap. And from a broader standpoint, I'm still not sure whether Activision's growth can accelerate going forward.For the past decade, ATVI 's profits haven't increased much, especially in metrics other than earnings per share. Looking forward, ATVI still needs to show that it can raise its bottom line before investors should jump into Activision stock. Two Brilliant MovesBack in 2010, Activision generated 79 cents of adjusted EPS. In 2019, the company provided EPS guidance of $2.10, again excluding certain items.Over the nine years, that's an 11.4% compound annual growth rate (CAGR), even though the company is expecting its EPS to decline sharply this year from the $2.72 of adjusted EPS it reported in 2018. Still, averaging annual EPS growth of more than 10% over a decade seems to suggest that Activision's business is performing well, while its profits are steadily growing.That's not really the case, however. Over that stretch, Activision's EPS spiked twice. In 2013, ATVI repurchased Activision stock from its former majority shareholder, Vivendi SA (OTCMKTS:VIVHY). That deal boosted Activision's EPS by over 25%. Three years later, ATVI bought Candy Crush developer King Digital Entertainment for $5.9 billion.Both deals were brilliant. ATVI paid $13.60 per share for the ATVI stock it acquired from Vivendi. Activision stock, of course, is up more than 200% from those levels even after its recent declines. And the King deal was risky, as many observers thought that Candy Crush's revenue was poised to decline. Instead, its bookings have continued to grow, while the success of Zynga (NASDAQ:ZNGA) has further demonstrated the resilience of the social-gaming space.Again, both deals were great moves by Activision management. But those moves aside, the company's business simply hasn't been that impressive. Activision Stock's Growth ProblemBack in 2010, ATVI generated adjusted net income of $991 million. In 2015, the figure had actually dropped to $975 million. But since the Vivendi deal shrank the amount of Activision stock outstanding, the company's EPS rose to $1.32 in 2015, versus the 79 cents that it had reported five years earlier.King, meanwhile,added $600 million to ATVI's net profit, while tax reform tacked on over $100 million in 2018. Even if ATVI's business doesn't grow at all this year, its net income would still reach about $1.7 billion.However, the company's EPS guidance indicates that its net income will come in at just $1.63 billion. Even accounting for the fact that Activision historically has guided conservatively and excluding King's contribution, ATVI will probably wind up generating close to zero pre-tax profit growth between 2010 and 2019.That's nine years in which the economy has been good. Additionally, the increased popularity of digital downloads should be boosting the company's revenue and margins, as middlemen like retailer GameStop (NYSE:GME) have been cut out of many transactions. And demand for video games - both in the U.S. and overseas - has steadily risen.With all those benefits, the earnings of Activision Blizzard's business has not grown this decade. ATVI made two great deals, but its business has been stagnant. What Can Boost ATVI Stock?In that context, the question going forward is: what changes can provide a catalyst for Activision stock? And I'm not sure that Activision has provided an answer.ATVI did announce last month that it would restructure and lay off roughly 775 of its employees. That should save it some money, but hardly enough to move the needle. Even $100 million of savings would only boost its earnings by about 6%. And the company's plan to "refocus its resources on its largest opportunities," as the company put it in an 8-K filing, raises yet another question. What, exactly, are those opportunities?The company's core franchises - Candy Crush, Call of Duty, and World of Warcraft - still are performing reasonably well. For a long time, many people have thought that World of Warcraft, for instance, has been poised to decline. But according to Activision's 10-K, the game's net bookings rose year-over-year in 2018. The same is true for the company's other two key franchises.Still, those games aren't growing all that quickly. And since they only account for 58% of its total revenue, they certainly won't be profitable enough to support the company's 20+ P/E multiple.Meanwhile, the rest of the company's portfolio appears to be struggling. Overwatch generated over 10% of the company's revenue in 2017 and less than 10% of it in 2018, according to the company's SEC filing. The company stunned investors in January by basically giving away Destiny. Hearthstone, and Diablo has faded.And now Activision Blizzard is blaming the decline of its earnings in 2019 to a light slate of new products and responding by laying off employees. Was Activision carrying dead weight for years? Or are there simply not that many opportunities for ATVI to chase?In any event, Activision needs an answer to the broader question: what can jump start its growth? The profit growth of its old games isn't going to suddenly start to accelerate. Its newer games are declining, and it doesn't have another hit on the horizon right now.That' outlook is not good enough to support the current valuation of Activision stock. Unless Activision's management can convince investors that it has a better plan, Activision stock probably won't rally.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Financial Stocks to Invest In Today * 7 Single-Digit P/E Stocks With Massive Upside * 5 Chip Stocks on the Rise Compare Brokers The post Why the Status Quo Won't Boost Activision Stock appeared first on InvestorPlace.
Take-Two Interactive Software Inc NASDAQ/NGS:TTWOView full report here! Summary * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low * Economic output in this company's sector is expanding Bearish sentimentShort interest | PositiveShort interest is low for TTWO with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding TTWO are favorable, with net inflows of $14.59 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | PositiveAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Consumer Goods sector is rising. The rate of growth is strong relative to the trend shown over the past year. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Esports, mobile gaming, subscription models, streaming services and significant penetration into the Chinese market will act as catalysts for gaming stocks over the long haul.
The past six months have been tough ones for video-game stocks like Take-Two Interactive Software (NASDAQ:TTWO) and Activision Blizzard (NASDAQ:ATVI).Source: Via RockstarActivision shares are off nearly 50% from their September peak, while Take-Two stock is down about 35% during the same time period. Electronic Arts (NASDAQ:EA) has lost nearly a third of its value even after rebounding strongly from December's lows. * 7 Small-Cap Stocks That Make the Grade And to be fair, much of the stocks' plunge was deserved. Most of these names were overextended by the middle of last year, and investors were shocked to see just how easily the free online game Fortnite came out of nowhere and was so disruptive to the status quo.InvestorPlace - Stock Market News, Stock Advice & Trading TipsEverything about the video-game market is fluid, though, including its stocks. This dip, however, is an opportunity to step into the smallest but arguably the best-of-breed in the business… Take-Two stock. TTWO Wins the Console Loyalty WarsTake-Two is the name behind hits like Red Dead Redemption and the Grand Theft Auto series. Although its Grand Theft Auto franchise is the most successful video-game series ever in terms of revenue, TTWO has developed many fewer games than rivals like EA and Activision.TTWO also produces distinctly different kinds of game that may be counterintuitive on the surface. However, they are great money makers.Contrary to popular belief, gaming consoles like Microsoft's (NASDAQ:MSFT) Xbox and PlayStation from Sony (NYSE:SNE) are still a big deal. Although it is true that PC gaming is growing, console-play is also still growing, and its rising tide is lifting all boats.The industry's response to the expansion of the PC-games market has largely been to attempt to be all things to all people. EA now offers subscription-based access to PC-only games via its Origin Access program, while Microsoft now enables subscribers to its Game Pass service to access PC-based games.TTWO has tiptoed down the same path too, although not as much as its competitors. Over the course of the past three quarters, 85% of its revenue came from console players.It's a detail some investors find interesting, if not outright concerning. There's a method to Take-Two's madness, though.Rather than spreading its wings too far, the company has thus far focused on what it knows it does best: making great console games.A PC version of Grand Theft Auto V was eventually released, but it wasn't a priority. Meanwhile, although there are rumors that a PC version of Red Dead Redemption 2 will be released, it also doesn't appear to be a priority for the company.The strategy is effective and positive for Take-Two stock, even if it ultimately limits the company's top line. Staying in the Good Graces of GamersMost investors who aren't avid video-game players may not realize it, but regular players will readily recognize another not-so-subtle shift in the gaming business: the advent of in-game purchases called microtransactions. The latter phenomenon has grown from being a fun and easy way to enhance game-play for a couple bucks to a full-blown profit center in and of itself.The matter reached a fever-pitched frenzy in late-2017, after EA launched a new game. Gamers quickly learned the hard way that to be able to use some of the coolest weaponry or play as some of the coolest characters required either a massive amount of playing time or $80. That's more than buying the game cost.In-game purchases haven't gone away since then. Although most game developers have pushed them less aggressively recently, they're still a problem. The industry hasn't yet seemed to figure out what's fair when it comes to in-game purchases and where gamers draw the line.Take-Two has exercised considerably more restraint than its rivals have, however. Through the first nine months of the recently-ended fiscal year, only about one-third of the company's revenue came from what TTWO described as "recurrent consumer spending." The other two-thirds was driven by selling games.For perspective, a year ago Activision Blizzard reported that it had taken in more money from microtransactions than it did from actually selling video games.Many players claim they don't like the new normal, and some vowed to boycott EA in response to what they saw as its overly aggressive microtransaction tactics. But most complainers never follow through on their promises.On the flip side, it's also quite likely that many gamers haven't complained -- vocally -- at all, yet gravitate toward games like Take-Two's that don't cost quite so much to make the most of and are seen as a much better value. If that's the case, it's certainly a positive attribute for Take-Two and Take-Two stockTTWO CEO Strauss Zelnick has made a point of advancing the microtransaction minimization strategy explaining last year "Are you a monetization company or are you an entertainment company? We're an entertainment company and when we get that right, everything else flows from it." The Bottom Line on Take-Two StockWhile TTWO has worked its way into the upper echelon of game-publishing outfits by being the least typical company in the business, it's not bulletproof. It suffers the same cyclical swings that its rivals and console technologies do. The recent selloff of Take-Two stock illustrates that point.Nevertheless, Take-Two seems to fare better against headwinds than its rivals, and Take-Two stock bounces back better than the shares of its rivals do when disruptions like Fortnite come down the pike.Not every investor has to own Take-Two stock. But for investors who have to own a video-gaming name, Take-Two stock is an easy name to buy and just let simmer. It's even easier to buy TTWO stock on a dip like the one it just experienced.As of this writing, James Brumley did not hold a position in any of the aforementioned securities. You can learn more about James at his site, jamesbrumley.com, or follow him on Twitter, at @jbrumley. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post 2 Reasons Take-Two Stock Is the Easy Pick to Own in the Video-Game Business appeared first on InvestorPlace.
Since mid-February, when Take-Two Interactive (NASDAQ: TTWO) reported fiscal third-quarter earnings that included weaker-than-expected quarterly guidance, Take-Two stock has been trading close to its 52-week lows.Source: Via RockstarInvestors ignored strong demand for the company's hot games like Dead Red Redemption, Grand Theft Auto, and NBA 2K. Instead, they worried about rising operating costs and potential competition from the free-to-play titles. Is the selling of Take-Two stock overdone? * 7 Winning High-Yield Dividend Stocks With Payouts Over 5% Strong Q3TTWO reported strong Q3 revenue growth. Its net revenue rose to $1.25 billion, up from just $480 million last year. The company's net income soared to $179.95 million, up from $25.14 million during last year's Q3. Its total net bookings grew an impressive 140% to $1.57 billion, setting a new quarterly record and beating management's guidance range of $1.4 billion to $1.45 billion.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBoth Red Dead Redemption 2 and NBA 2K19 performed well in Q3. Digitally-delivered net bookings also surged, jumping 85% to $704 million and setting a new quarterly record for the company.But on the cost side, selling and marketing expenditures rose to $161.32 million, up from $79.5 million. Overall operating expenses rose 46% to $299 million. And that cost increase is getting investors nervous. To ensure that its core game titles and new mobile game initiatives generate strong revenue, Take-Two must advertise even more than before. Healthy Balance SheetTake-Two ended 2018 with $1.6 billion in cash and short-term investments. With healthy operating cash flow of $587 million, up 188% year-over-year, TTWO had plenty of investment options. It spent $109 million to buy back 1 million shares of Take-Two stock. The good news is that the buyback will give the company's EPS, and Take-Two stock, a lift. The bad news is that TTWO paid an average cost of $109 per share of Take-Two stock. With Take-Two stock trading around $89, TTWO will have a paper loss on the purchases until TTWO stock recovers. The Outlook of Take-Two StockHelped by the strong performances of WWE 2K19 and XCOM 2, TTWO raised its full-year fiscal 2019 outlook. But, partly due to higher marketing expenses, the company's profits will come in slightly below expectations in Q4.Take-Two raised its full-year net-bookings guidance to a range of $2.89 billion to $2.94 billion. But its cost of goods sold will be between $921 million - $931 million, due to higher marketing, hiring of new employees, higher IT expenses, and increased R&D costs. Other Headwinds for Take-Two StockThe company's guidance for a decline of revenue from GTA Online upset the Street. Analysts assume that competition from free-to-play games, led by the very popular Fortnite, will hurt Take-Two's sales. Not only is Fortnite free, but it offers very good gameplay. OpportunityTake-Two's management continues to believe that its customer base is willing to buy its games. Consequently, TTWO is not looking to employ a subscription model or switch to offering only free games. Still, TTWO offers Red Dead Online Beta at no cost with the purchase of the game. Social Point, Dragon City, and Monster Legends are other free-to-play games made by TTWO.Although worries about Fortnite have hurt Take-Two stock, the company believes that as long as it offers solid quality and satisfying gaming experiences, its customers will keep coming back. The Valuation and Bottom Line of TTWO StockOverall, analysts continue to rank TTWO stock a "buy" with an average price target on Take-Two stock of $124.88.Trading with a forward price-earnings ratio of 18 and near its yearly lows, Take-Two stock clearly isn't inspiring much hope among investors. With TTWO stock trading at these levels, the market isn't putting any value on the company's 2020 growth prospects. By then, its sales growth may accelerate as its online games start to gain traction and its core titles rake in higher revenue.As of this writing, the author did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 15 Stocks Sitting on Huge Piles of Cash * The 10 Best Stocks to Buy for the Bull Market's Anniversary * 7 Dividend Stocks With Big Yields Compare Brokers The post Why It Is About Time That Take-Two Stock Bounces Back appeared first on InvestorPlace.
were down as chatter that Sony was in talks to acquire the game publisher cooled off. Shares of the gaming company, which publishes popular titles such as Grand Theft Auto, Red Dead and Civilization, spiked on Wednesday as uncorroborated speculation that Take-Two and Sony were in board-level acquisition talks made the rounds.
Take-Two Interactive Software (TTWO) saw a big move last session, as its shares jumped nearly 7% on the day, amid huge volumes.
Nintendo (OTCMKTS:NTDOY) stock continues to fall. The sales growth of its Switch console and many of its games would seem to help the company. Still, Nintendo stock has failed to gain traction and now appears positioned to fall back to 52-week lows. NTDOY stock trades at an attractive valuation and follows a strategy that can bolster its long-term success. However, due to lagging sales in the overall sector, Nintendo stock remains a victim of its industry. * 15 Stocks Sitting on Huge Piles of Cash Nintendo Will Bring Virtual Reality to SwitchSource: Shutterstock Nintendo just announced the creation of a virtual reality (VR) headset for its popular Switch console. The company will release this headset on April 12. This cardboard headset will cost $80, and it comes with an alien shooter game. This is the company's first crack at VR since it released the Virtual Boy in 1995. This comes in much less than the $300 VR headset Sony (NYSE:SNE) released for its PlayStation gaming console. The interesting thing about the VR headset is it reaffirms Nintendo's commitment to consoles. While it produces smartphone-based games, Nintendo designs them to spark interest in console games. The company has even gone so far as to discourage partners from charging customers excessive fees to speed up gameplay or win special characters on its smartphone games. Console Strategy Makes SenseAdmittedly, the company's strategy seems like a negative for Nintendo stock at first glance. Players will sometimes spend hundreds or even thousands of dollars on such upgrades. Discouraging some of these fees appears to sabotage a lucrative revenue stream.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAlso, as viewing has diversified away from televisions, video game console sales have steadily declined since the early 2000s. Recreational game players tend to gravitate toward devices. On the other end, competitive players prefer PC-based gaming for its speed. Hence, a commitment to consoles seems counterintuitive.However, Nintendo's console connects to tablet consoles just as easily as to a television. This makes it both portable and conducive to multi-user play. Also, tablet compatibility increases the likelihood consumers will buy more than one Switch per household. This can compensate for the revenue lost from charging fewer fees on smartphone-based games. Strategy Will Help Nintendo StockI think Nintendo has made a wise decision by questioning the fee for play strategies that drive many gaming companies. If the airline industry serves as an indicator, excessive fees charged by airlines other than Southwest (NYSE:LUV) have stoked resentment. Avoiding the "fee for everything" approach has not hurt Southwest stock. I do not think it will hamper Nintendo stock either.Sales figures also appear to validate this strategy. In January, videogame sales fell 19% on a year-over-year basis. The Nintendo Switch was the only platform to see growth amid the decline.Also, Nintendo currently sells three of the ten best-selling games. Only Take-Two (NASDAQ:TTWO) currently matches this feat. Drawing on long-time franchises has helped. InvestorPlace contributor Bret Kenwell considers Nintendo the Disney (NYSE:DIS) of the video game industry, as it has kept franchises such as Mario Bros. popular for decades. When Is the Right Time to Buy Nintendo Stock?So, where does that leave Nintendo stock? The 23 price-to-earnings (PE) ratio comes in well below historical averages. Yes, both Activision Blizzard (NASDAQ:ATVI) and Electronic Arts (NASDAQ:EA) support slightly lower multiples. Still, I like the innovation I see from Nintendo, so I do not think this valuation should discourage buyers.The only reason I see not to buy NTDOY stock right now pertains to the direction of the Nintendo stock price. The equity has traded in a range over the last few months. It fell to a 52-week low of $31.38 per share on Christmas Eve. It then rose above $39 per share in January before falling back. Today, it trades at just above $33 per share. * 10 National Pi Day Deals to Grab on 3.14 As sales declines have hit the entire industry, NTDOY has fallen along with other gaming stocks. Until we know the Nintendo stock has established a firm bottom, I do not recommend buying. However, the new VR headset should help revenues and conditions for an eventual recovery remain in place. Once it begins to trend upward, I think Nintendo can reach and surpass its $57.96 per share high.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Retail Stocks Winning in 2019 and Beyond * The 10 Best Stocks to Buy for the Bull Market's Anniversary Compare Brokers The post To Move Higher, Nintendo Stock Needs Only a Switcha¦ in Direction appeared first on InvestorPlace.
Wall Street Weighs In on Gaming Stocks in March(Continued from Prior Part)Electronic Arts Electronic Arts (EA) has seen upward price action of 25.5% this year. Other gaming stocks (NVDA) (AMD), including Activision Blizzard (ATVI) and Take-Two
It hasn't been the best quarter for Take-Two Interactive Software, Inc. (NASDAQ:TTWO) shareholders, since the share price has fallen 15% in that time. But that does not change the realtyRead More...
Wall Street Weighs In on Gaming Stocks in March(Continued from Prior Part)Analysts see an upsideActivision Blizzard (ATVI) has lost 7.8% this year and is down almost 50% from its 52-week high.After the massive sell-off, analysts see some upside in
Wall Street Weighs In on Gaming Stocks in March(Continued from Prior Part)Take-Two Interactive SoftwareTake-Two Interactive Software (TTWO) has seen a fall of 12.7% this year based on its closing price on March 11. The stock is down 36% from its
Wall Street Weighs In on Gaming Stocks in MarchGaming stocks Gaming stocks are having a mixed year so far. If we consider price action, we’ll see that Electronic Arts (EA) has gained 25.5% YTD (year-to-date) based on its closing price on March 11.
A report that Sony was contemplating an acquisition of the GTA and Red Dead parent company has proven be inaccurate.