ATVI Stock Forecast: Activision Blizzard slides again as tech weakness erases merger momentum

NASDAQ: ATVI fell by 1.06% during Tuesday’s trading session.
Microsoft reported its Q2 earnings after the closing bell.
Activision Blizzard unveils a new survival game set in an original universe.

Stocks Reporter FXStreet

NASDAQ: ATVI fell for the second consecutive day to start the week on Tuesday, as the ongoing tech weakness has halted any momentum from last week. Shares of ATVI fell by 1.06% on Tuesday and closed the trading session at $79.12. It was another sea of red as any memory of Monday’s late session rally had been forgotten by the time Tuesday opened. All three major indices fell yet again, led by the NASDAQ which fell a further 2.28%. Higher interest rates and a fed meeting later this week to discuss ongoing tapering policies have investors selling off tech stocks with high price multiples.

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Microsoft (NASDAQ: MSFT) reported its fiscal year 2022 second quarter results after the close on Tuesday. While the tech giant topped analyst estimates for earnings and revenue, the stock was initially trading lower in after hours, but closed the extended trading session slightly higher. Microsoft saw a nice boost in revenues from the PC market which included the Azure Cloud segment, Windows software sales, and actual computer hardware as well. Microsoft’s recent acquisition of Activision Blizzard has allowed the company to create an all-new gaming division, and new gaming CEO Phil Spencer should be providing an update at the next earnings call.

Activision stock news

Activision Blizzard also gave gamers a sneak peek of the first new game announced since the company was acquired. The gaming firm posted the clip on its website in the developer recruitment section, as Activision Blizzard looks to bring on new talent to work on the new project. The game itself is a survival type game that has no relation to any former Activision Blizzard franchise. It has been labelled as a PC and console game, although don’t be surprised if it is either an Xbox exclusive or at least pre-released before it hits the Playstation 5.

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