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'Apex Legends' Hits 25 Million Players, Giving EA's Stock Another Boost

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'Apex Legends' Hits 25 Million Players, Giving EA's Stock Another Boost

Simple math: it’s pretty likely someone you know spent part of this past weekend playing the new "Apex Legends" shooter game from Electronic Arts, Inc. (NASDAQ: EA).

Not everyone was playing all the time, though - some people were taking some time out to buy stock in the gaming company, apparently. Shares of EA shot up more than 8 percent Tuesday morning after EA’s Respawn Entertainment division said the new battle royale game, seen as a potential competitor to the industry phenomenon "Fortnite," has now drawn more than 25 million players.

Over the weekend there were more than 2 million players at one time playing the game.

“What a Week!” Respawn’s Vince Zampella said in a blog post on the EA Website.

The stock settled a bit on Tuesday after the early spike, but was still up than 4.8 percent to $101.92 at time of publication.

The strong start has made gaming industry watchers start to suggest that "Apex Legends" just might be the game that can challenge "Fortnite," which has about 200 million players. "Fortnite" maker Epic Games is privately held, though Chinese investment firm Tencent Holding (OTC: TCEHY) holds about a 40 percent stake.

The "big three" in the publicly traded U.S. gaming sector includes, besides EA, Activision Blizzard Inc. (NASDAQ: ATVI) and Take-Two Interactive Software Inc. (NASDAQ: TTWO).

Shares in Activision Blizzard, which reports earnings Tuesday afternoon, were more than 2.5 percent to $41.12.

Take-Two, however, was falling after BMO Capital Markets lowered its rating on the stock to Underperform, on fears that its signature game "Red Dead Redemption 2" may be waning in popularity. Take-Two was off more than 4.6 percent at $89.29.

Related Links:

Strong 'Apex' Release Continues To Boost EA Shares, Sell-Side Has Mixed Reaction

The 'Fortnite' Impact: Gaming Companies Lose To Popular Battle Royale Title

Posted-In: Apex Legends battle royale Epic Games FortniteNews Movers Tech Trading Ideas Best of Benzinga

 

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