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OFFON

ACTIVISION BLIZZARD, INC.

(ATVI)
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Wall Street mixed while Apple sinks on app store ruling

09/10/2021 | 02:32pm EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* U.S. producer prices rise solidly in August

* Apple falls after 'Fortnite' case ruling

* Kroger falls as shipping woes hurt margins

* Indexes: Dow -0.16%, S&P 500 -0.08%, Nasdaq -0.01%

Sept 10 (Reuters) - Wall Street was mixed on Friday as investors weighed signs of higher inflation, while Apple Inc tumbled following an unfavorable court ruling related to its app store.

U.S. producer prices rose solidly in August, leading to the biggest annual gain in nearly 11 years and indicating that high inflation was likely to persist as the pandemic pressures supply chains, data showed.

Sentiment also took a hit from Cleveland Federal Reserve Bank President Loretta Mester's comments that she would still like the central bank to begin tapering asset purchases this year despite the weak August jobs report.

The S&P 500 has risen almost 20% in 2021, buoyed by support from dovish central bank policies and re-opening optimism.

However, Wall Street has moved sideways in recent sessions as investor digest indications of increased inflation and concerns about the Delta variant's impact on the economic recovery. Investors are also uncertain about when the Federal Reserve may begin reducing massive measures enacted last year to shield the economy from the pandemic.

"The market is taking a breather," said Greg Bassuk, CEO of AXS Investments. "Investors are looking for some outsized news or information that is beyond the band of expectations, something much more outsized, positively or negatively, that will give investors better visibility into how things are going to look for the balance of the year."

Apple fell 2.6% after a judge struck down a core part of its App Store rules, benefiting app makers.

Shares of app makers rallied, with Spotify Technology , Activision Blizzard and Electronic Arts each gaining about 3%.

In afternoon trading, the Dow Jones Industrial Average was down 0.16% at 34,822.07 points, while the S&P 500 lost 0.08% to 4,489.53.

The Nasdaq Composite dropped 0.01% to 15,246.75.

The three main U.S. indexes got some support early from news of a phone call between U.S. President Joe Biden and Chinese leader Xi Jinping that was taken as a positive sign, which could bring a thaw in ties between the world's two most important trading partners.

Seven of the eleven S&P 500 sector indexes were lower, with utilities and healthcare among the weakest, down 0.8% and 0.7%, respectively.

U.S.-listed Didi Global fell 3.5% after Chinese government officials told leading delivery and ride-hailing companies to improve how they distributed incomes and ensure rest periods for workers.

Grocer Kroger Co dropped 8% after it said global supply chain disruptions, freight costs, discounts and wastage would hit its profit margins.

Advancing issues outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.01-to-1 ratio favored advancers.

The S&P 500 posted 15 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 52 new highs and 41 new lows. (Additional reporting by Shashank Nayar and Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni and Aurora Ellis)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. 0.72% 79.27 Delayed Quote.-14.63%
APPLE INC. -0.53% 148.69 Delayed Quote.12.06%
DJ INDUSTRIAL 0.21% 35677.02 Delayed Quote.16.33%
ELECTRONIC ARTS INC. 0.31% 141.07 Delayed Quote.-1.76%
NASDAQ COMP. -0.82% 15090.200353 Real-time Quote.18.06%
S&P 500 -0.11% 4544.9 Delayed Quote.21.13%
SPOTIFY TECHNOLOGY S.A. -0.80% 252.96 Delayed Quote.-19.61%
THE KROGER CO. 2.37% 40.23 Delayed Quote.26.67%
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Analyst Recommendations on ACTIVISION BLIZZARD, INC.
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Financials (USD)
Sales 2021 8 765 M - -
Net income 2021 2 543 M - -
Net cash 2021 7 478 M - -
P/E ratio 2021 24,5x
Yield 2021 0,60%
Capitalization 61 649 M 61 649 M -
EV / Sales 2021 6,18x
EV / Sales 2022 5,29x
Nbr of Employees 9 500
Free-Float 64,0%
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Mean consensus BUY
Number of Analysts 29
Last Close Price 79,27 $
Average target price 112,53 $
Spread / Average Target 42,0%
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Managers and Directors
Robert A. Kotick Chief Executive Officer & Director
Daniel I. Alegre President & Chief Operating Officer
Armin Zerza Chief Financial Officer
Brian G. Kelly Chairman
Frances Fragos Townsend Secretary & Chief Compliance Officer
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