Take-Two Stock Drops After GTA VI Trailer Leak & AT&T's $14B Ericsson Deal in 2023

Market highlights for December 5, 2023

Take-Two Interactive Software shares tumbled after an unplanned early release of the "Grand Theft Auto VI" trailer, while Ericsson ADRs climbed following AT&T's announcement to select them for a multi-billion dollar wireless network project. Here's what investors need to know today.

1. Take-Two Shares Slide After GTA VI Trailer Leak

Shares of Take-Two Interactive Software (TTWO) dropped over 5% in pre-market trading after the premature online leak of the "Grand Theft Auto VI" trailer. The highly anticipated game, slated for a 2025 launch, follows the smash hit "Grand Theft Auto V" from 2013, which remains one of the top-selling video games worldwide.

2. AT&T Awards $14 Billion Wireless Network Deal to Ericsson, Excludes Nokia

AT&T (T) announced it will partner with Ericsson (ERIC) to develop its new open radio access network (ORAN), sidelining Nokia (NOK) as a supplier. This significant contract, potentially valued at $14 billion over five years, boosted Ericsson ADRs by 3.5% pre-market, while Nokia ADRs dropped more than 6%, and AT&T shares edged down 0.3%.

3. GitLab Shares Spike After Reporting First Operating Profit

GitLab (GTLB) shares surged nearly 15% pre-market after the software development platform posted its first-ever adjusted operating profit of $0.09 per share, surpassing analyst expectations of a $0.01 loss. Revenue rose 32% year-over-year to $149.7 million, driven by growth in its AI-powered GitLab Duo tools.

4. IBM and Meta Launch AI Alliance to Boost Research

IBM (IBM) and Meta Platforms (META), alongside over 50 companies and academic institutions, unveiled the AI Alliance, a collaborative community focused on advancing artificial intelligence research. Other members include Intel (INTC), AMD, Oracle (ORCL), and Dell Technologies (DELL). Market reactions saw Meta shares fall nearly 1%, Intel down 1.4%, AMD down 0.9%, Oracle down 0.5%, while IBM shares remained stable.

5. October Job Openings Expected to Decline

Upcoming economic reports include the October Job Openings and Labor Turnover Survey (JOLTS), forecasted to show a decrease to 9.4 million openings from 9.6 million in September. Additionally, the S&P Services Purchasing Managers’ Index (PMI) is expected to hold steady at 50.8 for November, while the ISM Services PMI may rise slightly to 52.4% from 51.8% in October.

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