Privacy Policy

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Our Commitment to Your Privacy:

Your privacy is important to us and we are strongly committed to protecting your privacy. This privacy policy applies to information we may collect from you or that you may provide when you visit our web sites www.valueline.com and www.valuelinepro.com (collectively, the “Web sites”), or when you interact with our advertising and applications on third-party web sites and services, if those advertising or applications include links to this policy. This policy also applies to information we collect offline when you subscribe to the print editions of Value Line publications.

What Personal Information We Collect:

We collect personal information that you voluntarily provide on the Web sites, on third-party web sites and applications when you interact with our advertising and applications, or offline in connection with your subscription to the print editions of Value Line publications, which may include your name, address, e-mail address, credit card number, billing information, job title, name of your employer, etc. For example, we collect personal information when you register on the Web sites, purchase certain services or products, or submit the information to enter a sweepstakes, or other promotion. If you are using our portfolio-tracking feature, news services or any other feature, we collect and store whatever information you voluntarily provide. We recognize that any information you input into the portfolio-tracking feature is of special concern to you. We keep this information confidential and will not disclose it to unaffiliated parties.

We may also collect information relating to your use of our Web sites through the use of various technologies.  Please see Tracking Technologies section below for more details.

How We Use the Information We Collect:

We may use your personal information to process any transactions between you and us, to deliver products or services that you order from us, to communicate with you, to provide you with notices about your account/subscription, including expiration and renewal notices, to support products or services you have obtained from us, such as notifying you of a product update, and to fulfill any other purpose for which you provide your personal information.

We may use your personal information to contact you about goods and services that may be of interest to you via various means including e-mail. You may at any time choose not to receive marketing materials from us by following the unsubscribe instructions included in each e-mail you may receive, or by contacting us at unsubscribe@valueline.com.  Please note that if you exercise choice in this manner, you will continue to receive communications concerning your account and products and services you requested, and in response to any requests by you. Please also note that this opt-out process may take some time to complete, consistent with applicable law.

We may also use or disclose your personal information as required by law, or when we believe that such use or disclosure is necessary to protect our rights, or the rights of others, or to comply with a judicial proceeding, court order, or legal process served on us.

How We Share the Information We Collect:

We may share your personal information with our affiliates and service providers who we use to support our services and who are bound by contractual obligations to keep personal information confidential and use it only for the purposes for which we disclose it to them. We may share with other third parties aggregated information about our users that does not identify any individual. We may also share your personal information with a sponsor or other third party ("Third-Party Provider") that provides you with special offers or promotions that may be of interest to you. You may instruct us at any time not to share your personal information with such Third-Party Providers by emailing us at unsubscribe@valueline.com. Please note that this opt-out process may take some time to complete, consistent with applicable law.  Furthermore, we may share your personal information potentially in conjunction with a sale or similar transfer of a business.

Data Security:

We take many precautions to protect your personal information from unauthorized third party access, alteration, theft, or misuse. For example, we use standard online security measures such as encryption and authentication to protect your credit card data. We also require that our suppliers protect your personal information from unauthorized access, use and disclosure.  The safety and security of your information also depends on you. We ask you not to share your password with anyone.

Tracking Technologies:

We and third party advertisers may place or read cookies on your computer or use other electronic tools, such as web beacons, to collect technical information that is not personally identifiable. Examples of this type of information include information about your computer and internet connection, such as your operating system and browser type, and details of your visits to our Web Sites, including traffic data, location data, logs and other communication data and the resources that you access and use on the Web Sites. The information helps us analyze web traffic, determine targeted advertisements, facilitate automated activity, store and track passwords, and determine appropriate solicitations. We do not collect personal information automatically, but we may tie this information to personal information about you that we collect from other sources or you provide to us.

You may delete or disable cookies to prevent us from collecting the above information. Cookies are files that contain information created by a web server that can be stored on your hard disk for future use. Your web browser will allow you to disable cookies, but you will not be able to successfully log on to and participate in many features of our Web Sites if you do so. Therefore, you will always remain in guest status if cookies are disabled.

We may use web beacons, provided by third-party advertising companies, to help manage and optimize our online advertising and product performance. Web beacons enable us to recognize a browser’s cookie when a browser visits the Web sites, and to learn which banner ads bring users to the Web sites. The use and collection of your information by these third-party service providers, and third-party advertisers and their advertising servers is not covered by this Privacy Policy.  To learn more about these practices, cookies, and how to "opt-out" of a third party vendor's use of cookies, please visit the Network Advertising Initiative opt-out page at http://www.networkadvertising.org/managing/opt_out.asp.  Opting out of a network does not mean you will no longer receive online advertising. It does mean that the network from which you opted out will no longer deliver ads tailored to your web preferences and usage patterns.

Links To Third-Party Websites:

The Web Sites contain links to other web sites. We have no control over and are not responsible for the privacy policies of such sites. Whenever you link to another web site, you may be asked to provide registration or other information. Please note that any information that you provide is going to a third party, and therefore you should familiarize yourself with that party's privacy policy.

How You Can Access or Correct Your Information:

You may send us an e-mail at infoprivacy@valueline.com to request access to, correct or delete any personal information that you have provided to us.  We may not accommodate a request to change information if we believe the change would violate any law or legal requirement, cause the information to be incorrect, require disproportionate technical effort, or jeopardize the privacy of others.

Your California Privacy Rights

If you are a California resident, California Civil Code Section 1798.83 permits you to request information regarding the disclosure of your personal information by us to our affiliates and/or third parties for their direct marketing purposes. To make such a request, please send an email with your first name, last name, mailing address, email address and telephone number to infoprivacy@valueline.com. Please include “California Privacy Rights” in the Subject line of your email. You may also make such a request by writing to us at:

Value Line, Inc.
Attn: Legal Department
485 Lexington Avenue, 9th Floor, New York, NY 10017

How to Contact Us About Privacy Matters:

If you would like to contact us for any reason concerning our privacy practices, please email us at infoprivacy@valueline.com.

Changes to Our Privacy Policy:

We may update this Privacy Policy from time to time and will notify all users by posting the new policy on our Web Sites. Please check back here periodically to review our latest policy. 

Last modified: August 1, 2014

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Article Type  :  Commentary  

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Content :

GameStop (GME) is the world’s largest video game retailer. The company has built its dominant market share over the years on the strength of its trade/buy business model. The unique proposition of trading in used games, along with a consistently robust inventory of used games available for purchase, has helped establish GameStop as the number one retail source for video-game consumers. The strong market share has helped the company maintain relatively decent performance over the past couple of years, despite a challenging industry environment. Although sales fell approximately 10% through the first nine months of fiscal 2012 (year ends February 2, 2013), its results were significantly better than the overall industry. Moreover, the company has been able to improve margins, thanks to growth in more-profitable segments. Indeed, earnings per share likely improved by about 10% in fiscal 2012.

Investors seem to have mixed feelings regarding GME and the video game industry outlook. On the one hand, the industry weakness over the past couple of years can be attributed to the prolonged end to the current console cycle. Yet, many investors appear to believe that the core video game business is in more of an underlying secular decline. This sentiment has been evident in the consistently low interest for shares of GME, and in the overall downward pressure on the stock over the past few years. The ongoing shift to digital downloads and streaming/mobile games has been a major focus of investors. Yet, GameStop has been very proactive with increasing its exposure to these segments via acquisitions over the past couple of years.

The company expanded into the online game business with the acquisition of Kongregate in 2010. The Kongregate.com website offers over 50,000 free-to-play video games and attracts over 15 million unique visitors each month. The business earns revenues from advertisements and in-game player transactions. GameStop followed up this acquisition with the purchases of Spawn Labs, a cloud-based streaming technology company, and Impulse in 2011. The Impulse acquisition has provided GameStop with a PC digital download distribution platform. Impulse has been integrated into the revamped Gamestop.com web site.  The combination of these digital video game assets has helped GameStop establish a rapidly expanding, multi-channel digital business.

Digital sales surged 57% in 2011, and likely increased 35%-40% in fiscal 2012. The segment has received a boost from an increased mix of downloadable content (DLC) connected to top-selling “physical” games. GameStop has rolled out DLC kiosks in its stores, as part of a process to integrate the digital and traditional software businesses. In addition, the company recently created a mobile device business focused on trade-ins and resale of all Apple (AAPL) mobile devices (iPods, iPhones, and iPads). This mobile operation was on track to generate $150 million-$200 million in sales in fiscal 2012, and accelerate to $550 million- $600 million by 2014. Notably, the business has strong margins, which is also the case across all of GME’s digital segments. The digital/mobile business should maintain a robust pace of growth over the next few years, and make increasing contributions to both the top- and bottom-line.

Another positive for GameStop is the strength of its PowerUp Rewards Program. The membership base has rapidly expanded over the past few years, exceeding 21 million members as of November, 2012. Importantly, these customers are much more engaged than non-members, accounting for nearly 75% of sales in the third quarter of fiscal 2012. The vast amount of customer data from the PowerUp program is an important asset, providing GME with detailed customer segmentation information, and improved targeted marketing. Moreover, the success of the program appears to have supported video game sales.

The near-term outlook remains challenging for the video game retail segment, and there is limited visibility on the future structure of the industry, with the ongoing shift to multiple forms of digital games. Yet, GameStop has improved its position for the long term, with a multi-channel approach, and increasing exposure to various digital formats. For more information in regard to GameStop’s prospects, as well as the particular investment merits of the stock, subscribers are encouraged to check out our full report in The Value Line Investment Survery.

At the time of this article’s writing, the author did not have positions in any of the companies mentioned.

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