In the after hours after ATVI's report it was briefly under $40, which is probably where it should be after that shocking 2019 guidance. I assume the $1.5BN buyback and 9% increase in dividend played a big part, but they're both fully priced in already today. And there were layoffs, which Wall St always loves. They're forecasting for net bookings to be down 13% in 2019, with King flat, Activision down a little, and Blizzard down a lot due to no new releases in 2019. They also said BLOPS4 was slowing down at the end of Q4 and I bet it's slowed a lot after Apex Legends. Overwatch spending is slowing. Basically everything is struggling, and Kotick had no plan other than the defensive moves I just mentioned. I thought he'd have some rabbit to pull out of the hat after letting Destiny go, some financial trickery perhaps, an acquisition or some exciting game coming up, but no, there was nothing.

Analysts all dropping their price targets and the few I saw were still high $50's. Say what? The stock should grow almost 50% in a year with a massive decline in revenue and earnings, and with no major release except the annual CoD?

Have you ever seen such shameless spin for earnings guidance that's far below consensus, double digits negative, down to a multi-year low for revenue, and no new games for a full year that are worth talking about?

bloomberg.com/ne...-plans