Wall Street Lunch: "Black Myth: Wukong" Attracts 2M Players

seekingalpha2024-08-22

Chinese-made video game "Black Myth: Wukong" released on Steam, generating over 2.2 million concurrent players globally.U.S. employment data revised downward by 818,000.Target and TJX report positive ...

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(0:16) Yearly payrolls ended March revised down by 818,000. (1:28) Target rallies with positive quarterly comps. (2:45) This is an abridged transcript of the podcast. Our top story so far. Chinese-made video game “Black Myth: Wukong” was being played by 2.2 million concurrent players on the online gaming platform Steam a day after its release. The game developed by Game Science, a startup backed by Tencent (OTCPK:TCEHY) (OTCPK:TCTZF), is a single-player title based on a mythical monkey king from a Chinese literary classic who can shape-shift into humans, animals, and inanimate objects. Reuters says the Chinese state media threw its weight behind China's most successful single-player video game to date, noting that its adaptation of the Ming dynasty novel \"Journey to the West\" would force Western players to learn more about the Asian nation's culture. According to Citi, the title's pre-sales began in June and had reached 400 million yuan (about $56 million) as of Tuesday, when the game was launched. “Black Myth: Wukong” generated over 2.1 million concurrent players on Steam on its global launch on Tuesday. This exceeded the popularity of other hyped single-player titles such as “Cyberpunk 2077” and “Elden Ring,” Bloomberg reported, citing data tracker SteamDB. In the past few months, several major games have been launched, including Tencent's “Dungeon & Fighter Mobile,” or DnF Mobile, NetEase’s (NTES) “Naraka: Bladepoint Mobile” and Mihoyo's “Zenless Zone Zero.” On the economic front, the payrolls benchmark was revised down by 818,000 jobs, or by 0.5%, for March 2024, the Bureau of Labor Statistics said. That’s down about 68,000 per month. The revisions usually don’t take center stage, but with the Fed's focus on the labor front, they took on new importance in how a large downward revision might prompt a half-point rate cut in September. Each year, the Current Employment Statistics survey employment estimates are benchmarked to comprehensive counts of employment for the month of March. The counts are derived from state unemployment insurance tax records that nearly all employers are required to file. The final revision will be issued in February 2025. Forecasts for revisions ranged from down 300,000 to 1 million, and the drop of 818,000 left the markets without an obvious move. Treasury yields were mixed, a bit lower on the short end and a bit higher on the long end. The odds of a 50-basis-point cut edged down slightly, but are still basically 1 in 3. Economist Ernie Tedeschi said: “If the final revision ends up the same as this preliminary revision, average monthly payroll growth over April 2023–March 2024 would have been +174K/m rather than +242K/m, still a solid number.” “However, it raises the risk that the numbers we're seeing now are in actuality lower.” Among active stocks, Target (TGT) jumped after the retailer saw positive comparable sales growth and margin improvement in Q2. The retailer said comparable sales increased 2% during the quarter that ended on August 3 to top the consensus for a rise of 1.1%. Looking ahead, Target expects Q3 comparable sales growth to be flat to up 2%. Q3 adjusted EPS of $2.10 to $2.40 ($2.25 midpoint) is anticipated, compared to the consensus mark of $2.24, and full-year EPS is seen landing in a range of $9.00 to $9.70 ($9.35 midpoint) vs. $9.22 consensus. Also in retail, Macy’s (M) was under pressure after the department store adjusted its sales outlook for the remainder of this year to reflect a more cautious consumer and the need for greater promotions. For 2024, Macy’s now expects sales to be between $22.1 billion and $22.4 billion, down from earlier guidance of $22.3 billion to $22.9 billion, below the Street’s consensus estimate of $22.48 billion. Adjusted profit per share remains unchanged at $2.55 to $2.90, straddling the $2.78 estimate. And TJX (TJX) reported comparable sales growth of 4% in Q2 to beat the consensus expectation of +2.8%. Q3 EPS guidance was set at $1.06 to $1.08 vs. $1.10 consensus. Full-year EPS guidance was set at $4.09 to $4.13 vs. $4.13 consensus and a prior outlook for $4.03 to $4.09. TJX expects to buy back $2.0 billion to $2.5 billion in stock during FY25. In other news of note, Warner Bros. Discovery (WBD) said it is willing to spend up to $8.5 billion to produce movies and TV shows at a new studio in Las Vegas if the state clears a major expansion of a film tax credit program next year. The company said it would extend its collaboration with the University of Nevada, Las Vegas, and real estate firm Birtcher Development to lease and operate Nevada Studios - which will be renamed Warner Bros. Studios Nevada - contingent on the program's expansion. Warner Bros. Studios COO Simon Robinson said the company would commit to spending a minimum of $500 million on content over the next 17 years (totaling $8.5 billion), which is the time period proposed to expand the tax credit. The bill proposed in 2023 initially sought to offer as much as $190 million in annual film tax credits. Bill sponsor and state senator Roberta Lange now plans to lower that amount to $95 million annually over 17 years. The bill is expected to be reintroduced at the next legislative session in February. And in the Wall Street Research Corner, Deutsche Bank warns that even as markets have stabilized, many of the factors that drove the selloff have not gone away. Deutsche Bank's Henry Allen said: \"Looking at markets, it's striking just how brief the recent turmoil was. In many respects, it's an even quicker version of what took place after SVB's collapse in March 2023, where volatility quickly spiked before subsiding again.\" \"But, even as markets have stabilized, several of the fundamentals driving the selloff haven't gone away. Data has been increasingly soft at a global level, falling inflation means that monetary policy is increasingly tight in real terms; geopolitical concerns are elevated, and we're heading into a tough period on a seasonal basis.\" And Oppenheimer analysts updated their top equity ideas for the current month. These stocks are “the most timely,” according to the analyst team, and are expected to outperform over the next 12 months, based on the company’s fundamentals in today’s market conditions. This month, analysts added Freshpet (FRPT), Soleno Therapeutics (SLNO), TransMedics Group (TMDX), BizRocket.com (OTC:BZRT), Carrier Global (CARR), and Arcosa (ACA). They removed Walmart (WMT), Edwards Lifesciences (EW), UroGen Pharma (URGN), Builders FirstSource (BLDR), Clean Harbors (CLH), and Talen Energy (TLN).Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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