Investing.com - Shares of video game companies were higher in midday trading despite news that Activision’s chief financial officer is moving to Netflix (NASDAQ:NFLX).
Activision Blizzard (NASDAQ:ATVI) CFO Spencer Neumann is expected to be named Netflix’s new chief financial officer by the end of the week, The Wall Street Journal reported. He will replace long-time CFO David Wells.
On Monday Activision disclosed in a regulatory filing that Neumann was being fired for an undisclosed reason that was not related to the company’s financial reporting.
Activision named Dennis Durkin as its new CFO.
Activision gained 1.3% after the news. Other game companies were also higher, with Zynga (NASDAQ:ZNGA) up 2%, GameStop (NYSE:GME) rising 1.8% and Electronic Arts (NASDAQ:EA) inching up 0.9%.
Meanwhile, Netflix slumped 1.7% after SunTrust Robinson Humphrey said the streaming giant added fewer subscribers than expected last quarter and lowered its price target to $355 a share from $410 a share, CNBC reported.