Were you able to catch your breath during Sony"s E3 press conference?
The publisher delighted fans on Monday night by presenting trailers for a slew of new games, many of them previously unannounced. We saw several virtual reality-enabled titles for PlayStation VR, which got an Oct. 13 release date, including a newStar Warsgameand Rocksteady"s BatmanArkham.
There were also reveals for a PlayStation-exclusive Spider-Man game, a new Resident Eviltitle (also VR-ready), a brand-new G*d of War and the return of Crash Bandicoot.
Fans were also treated to a longer look of Horizon Zero Dawn, the epic robo-dinosaur hunting title from Guerilla Games.
Watch some of the most heart-pounding moments in our video above, and check out more E3 coverage in our E3 hub.
Have something to add to this story? Share it in the comments.
While Sonys press conference didnt feature a new consolelike its competition, the spectacle did include plenty of game announcements. Resident Evil 7, Spider-Man, and Days Gone joined already shown titles like Horizon Zero Dawn and Detroit: Become Human in a flurry of trailers and gameplay demonstrations.
While the presentation was crammed, we managed to condense everything to a clip that runs just a smidgen over 5 minutes. That should leave you with plenty of time to begin learning Latin or finally read that dusty copy of Graham Greenes Brighton Rock that youve been putting of since high school. Lets hear it for the true winner of E3 2016: self-improvement.
SummaryAfter LinkedIn"s (NYSE: LNKD) share price plummeted in February the share price has risen steadily. LinkedIn also reported OK Q1 numbers at the end of April. However, current share price implies that LinkedIn needs to execute better than the relatively demanding consensus forecast. This also is due to their seemingly generous stock compensation plan. That is, LinkedIn is relatively expensive at these levels.
BackgroundLinkedIn is the biggest business-oriented online social networking service. More information about LinkedIn on their Investor Homepage. The below chart from YCharts shows the number of shares outstanding.
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Number of shares outstanding have been increasing with about 5% each year.
Forecast assumptionsI will create a forecast based on LinkedIn"s historical financial performance and current consensus forecast. I have used the Equity Analysis Model from SimulationFinance.com to generate this analysis. I have copied historical financial data from LinkedIn"s Interactive Analyst Center. The below image shows the historical financial data copied from LinkedIn"s spreadsheet and pasted into the Equity Analysis Model. Important! I have used reported adjusted EBITDA.
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I then clicked the Generate forecast button to create an analysis based on extrapolation of the historical development. This will create forecast assumptions based on the most recent quarter and the historical trends. It also will calculate historical standard deviations and correlations used in the analysis to create fan charts and distribution charts. I will change some of the forecast assumptions further down in this analysis.
The below image shows the extrapolation assumptions chosen.
After having automatically generated forecast assumptions based on the historical development I then manually change some forecast assumptions to reflect the consensus forecast.
The below image shows LinkedIn consensus forecast from 4-traders.com.
The below image from the Equity Analysis Model shows the forecast assumptions used in the calculation. The forecast assumptions are generated from the historical development and manually adjusted to reflect current consensus forecast.
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I have assumed a quarterly revenue growth of 4.8% and a quarterly cost growth of 4.4% to reflect consensus forecast. The total depreciation rate is calculated to 37% to cover depreciation of fixed assets, amortization of goodwill and intangibles, and to cover the non-cash effect from the stock-based compensation. In this analysis, all the long-term assets are input as fixed assets in the Equity Analysis Model. I have assumed a flat tax rate of 30%. I have assumed capital expenditures to be more like consensus forecast.
Important! I have used adjusted EBITDA to reflect that stock-based compensation is not a cash cost. In my forecast the negative balance sheet effect from stock-based compensation appears as shrinking long-term assets instead of as accrued liabilities. I have not included an increase in the number of shares outstanding as a result of the stock-based compensation.
ForecastAll the statements and charts below are calculated in the Equity Analysis Model and based on the assumptions above. The below statements summarizes the forecast.
The below chart shows the historical and the assumed future revenues. Historical data with dark blue columns and the forecasted data with light blue columns.
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The below chart shows the historical and assumed future adjusted EBITDA.
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The below chart shows the historical and the assumed future earnings per share and cash earnings per share, assuming unchanged number of shares outstanding.
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ValuationBased on the discounted cash flow valuation method, assuming a weighted cost of capital of 8% and perpetual growth of 4% from the end of 2018. The below image shows the calculated fair value per share based on the assumptions above, and assuming 132.8 million shares. That is, the fair value per share is about $114 (the column to the right). Current share price is about $126.
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Confidence AnalysisThe Equity Analysis Model allows to include uncertainty assumptions in the forecast, that is, standard deviations and correlations. In this example, they are automatically calculated based on the historical financial data. Calculated historical standard deviation in revenues is 4.38%. Calculated historical standard deviation in costs is 3.15%. The Equity Analysis Model calculates multiple scenarios based on these standard deviations. The below image shows the historical and the assumed future adjusted EBITDA with uncertainty assumptions.
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The black line shows the historical development and the dotted line shows the main case assumed future development. The darkest blue area shows the range containing 75% of the calculated outcomes. The two darkest blue areas combined shows the range containing 90% and the total blue area shows the range containing 95% of the calculated outcomes.
The below image shows the historical and the assumed future net profit with uncertainty assumptions. Important! This assumes a fixed stock compensation cost.
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There"s a striking difference with the calculated historical adjusted EBITDA and the reported historical net profit. Calculated historical adjusted EBITDA which does not include stock compensation costs has increased, but reported net profit which includes stock compensation costs has fallen.
The below image shows the calculated fair value per share range. Assuming 132.8 million shares and a fixed stock compensation cost. That is, fair value per share range is between $64 and $200 per share.
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The horizontal axis shows the distribution of calculated fair value per share and the vertical axis shows the probability of each outcome. The percentages on top of the bars have been chosen to show the accumulated probability, starting from the left. That is, it is calculated to be about 55% probability that the fair value per share is below $118.92.
Historically, the number of shares outstanding has been increasing with about 4%-5% each. Historically, the number of shares outstanding has increased by about 4%-5% each year. If I assume that the numbers of shares outstanding increases by 4% each year then the number of shares in 2020 will be about 160 million.The below image shows the calculated fair value per share range assuming 160 million shares outstanding. I still assume a fixed stock compensation cost. That is, fair value per share range is between $46 and $172 per share. It is about 89% probability that the fair value per share is below $121.97. Current share price is about $126.
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SummaryLinkedIn is a good company with good products in a long-term growth market. However, a long-term growth market will attract other behemoths such as Facebook (NASDAQ: FB) as mentioned in the article by Dana Blankenhorn. This may limit both the revenue growth and the margin potential for LinkedIn.The threat of other players entering this market combined with LinkedIn"s seemingly generous stock-based compensation makes the risk-return seem unattractive.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Christine Leinonen Describes How Police Told Her Son Christopher Is Dead (DISGUSTING)
New details of the horror that transpired inside a gay nightclub in Orlando, Florida, have started to emerge - including how shooter Omar Mateen calmly pledged allegiance to ISIS during the rampage as people across the country and elsewhere around the world mourn the dead.
The shooting unfolded over the course of three hours early Sunday morning when Mateen, a lone-wolf gunman, approached the Pulse nightclub armed with a .223 caliber AR-type rifle and a Glock handgun. After engaging in gunfire with an officer stationed outside the club, he entered and sprayed the venue with bullets. Fifty people are dead, including the gunman, and 53 others were injured in the shooting.
Mateen was killed by police in a gunbattle.
Law enforcement officials work at the Pulse Orlando nightclub following a fatal shooting in Orlando, Fla., June 12, 2016. Friends and family members embrace outside the Orlando Police Headquarters during the investigation of a shooting at the Pulse night club, after a gunman opened fire, in Orlando, Fla., June 12, 2016.
Mateen, of St. Lucie County, Florida, was an American citizen with Afghan parents. After the shooting began, he called 911 to pledge his allegiance to ISIS, according to law enforcement officials.
Mateen also mentioned the Boston Marathon bombers in his conversation with the 911 dispatcher, according to FBI Boston. He referred to the Tsarnaev brothers as his homeboys but the FBIs Boston office said in a statement today there is no connection between Mateen and the Tsarnaev brothers.
Omar Mateen is pictured in an undated photograph provided by law enforcement sources.
The incident is the worst mass shooting in U.S. history and the deadliest terrorist attack on U.S. soil since Sept. 11, 2001.
Orlando Chief of Police John Mina said in a press conference Monday morning that the demeanor of the killer was "cool and calm" while communicating with officers. He also said that Mateen "pledged an allegiance to ISIS."
All of the cops who fire at the shooter, including the veteran officer who was working extra duty at the club, have been identified by law enforcement.
Police decided to move on the club when Mateen threatened to put bomb vests on hostages, according to authorities.
Forty-eight of the 49 people killed have been identified, and 24 families have been notified by authorities.
In an online statement today, Mexicos Foreign Ministry said three Mexican nationals are among the dead in Orlando. It has not yet named any of the victims but said a fourth Mexican was injured in the shooting. The individual is safe and in stable condition, the foreign ministry said.
Mateen was on the radar of U.S. officials for some time but was not the target of a specific investigation, according to law enforcement officials.
Ties to the Islamic State?
ISIS supporters have cheered the massacre online, and an ISIS communique referred to the shooter as an ISIS "fighter," but there"s no evidence that ISIS directed or had prior knowledge of the attack, terrorism observers told ABC News.
Orlando shooting suspect Omar Mateen is pictured in an undated photo from Myspace.
ISIS, which has strongholds in Syria and Iraq, has targeted gay men for beatings and executions in the Middle East and has recorded its members throwing men suspected of being gay from the roofs of buildings.
Omar Mateen"s father, Seddique Mateen, told ABC News that his son was born in New York and grew up in St. Lucie County and that his son was a family man and a devout Muslim who had never showed any signs of extremism, violence or hatred.
Father of the Orlando club mass shooting, Seddique Mateen, spoke to ABCs Linzie Janis.
"I don"t think he was radicalized," Seddique Mateen said. "That"s what my gut feeling tells me."
Mothers Get Heartbreaking News
Christine Leinonen said she "just happened" to wake up at 3 a.m. about an hour after the shooting started when she saw a friend of her son, Christopher Leinonen, post on Facebook that there had been a shooting at the club and that he didn"t "know where his friends were."
Christine Leinonen waits for information outside of the Orlando Regional Medical Center about her son Chris who is missing after a fatal shooting and hostage situation at Pulse nightclub on June 12, 2016 in Orlando, Florida.
Christine Leinonen told George Stephanopoulos during an emotional interview that her son"s friend Brandon told her he saw that Christopher Leinonen"s boyfriend "had multiple gunshots and was being taken by the ambulance but he never saw Christopher [come] out. And we haven"t been able to call him or text him."
She later confirmed to ABC News that her son was among the dead.
Mina Justice also last heard from her 30-year-old son, Eddie Justice, on early Sunday morning, after bullets rang out at Pulse. He texted her at 2:06 a.m., saying, "Mommy I love you."
He then texted her again, saying there was a shooter at the club. He told her to call police and said he was hiding in a bathroom with other clubgoers.
"He"s coming," he wrote. "I"m gonna die."
Mina Justice speaks to a reporter about texting with her son Eddie Justice who was in a bathroom at Club Pulse, June, 12, 2016, in Orlando.
"The next text said, "He has us, and he"s in here with us,"" Mina Justice said in an interview with The Associated Press. "That was the last conversation."
The city of Orlando has confirmed that Eddie Justice was one of the victims of the shooting.
LGBT Community Left Reeling
Community members held vigils Sunday evening. From Orlando to Los Angeles and Atlanta, from the White House to New York"s famed Stonewall Inn, a moment of silence was observed across the country at 6 p.m.
During the vigil in downtown Orlando tonight, Mayer Buddy Dyer said officials had identified all of the deceased victims and notified families.
"Today, we have identified all 49 victims and we have notified the next of kin of all 49 victims," Dyer said.
People gather for a vigil outside the Stonewall Inn in New York for the victims of a mass shooting at an Orlando, Florida gay club, June 12, 2016.People gather outside of the Stonewall Inn in New York during a vigil for the victims of a massacre at a gay nightclub in Orlando, June 12, 2016.A rainbow flag is held up during a vigil after the worst mass shooting in U.S. history at a gay nightclub in Orlando, in front of the White House in Washington, June 12, 2016.Mourners gather at Lake Eola for a candle light vigil for the victims of the terrorist massacre at the Pulse night club in Orlando on June 12, 2016.Blood Banks at Capacity
The outpouring of support and the urgent need for blood led hundreds of people to line up at a OneBlood blood donation center in Orlando, only for many to be turned away as the center reached capacity. But the organization urged them to return in the coming days.
Hundreds of community members line up outside a clinic to donate blood after an early morning shooting attack at a gay nightclub in Orlando, Florida, June 12, 2016.Volunteers waiting at a blood bank watch President Barack Obama deliver remarks on a TV, June 12, 2016, in Orlando, Fla.
Aerial footage shot by ABC News" Orlando affiliate, WFTV, showed hundreds of people lined up waiting to donate blood.
Donations to the GoFundMe page for the victims of the nightclub shooting have surpassed $1 million, and there is a new target goal of $2 million.
White House Reaction
President Barack Obama delivered a somber statement midday Sunday, saying the Pulse massacre was "an act of terror and an act of hate." He called Mateen "a person filled with hatred."
President Barack Obama speaks in the briefing room of the White House in Washington, in May 6, 2016.
Obama stressed the resilience of the people in the state. "We"re going to do everything we can to help bring the community together," he said.
Vice President Joe Biden released a statement blasting the incident as "evil" and "abhorrent."
International Solidarity
People from around the world showed their support, standing in solidarity with those affected by the Orlando nightclub shooting.
City Hall in Tel Aviv, Israel, was lit up with the U.S. flag and a rainbow, an international symbol for gay pride.
Buckingham Palace released a statement offering condolences for the victims.
TOULOUSE, FRANCE - JUNE 12: Spain players warm up during a training session ahead of their UEFA Euro 2016 Group D match at the Stadium Municipal on June 11, 2016 in Toulouse, France. (Photo by David Ramos/Getty Images)
Its only been a handful of days that the 2016 UEFA Euros have been going on and the action in the group stage has already been off the chain. With great plays, surprising outcomes, and enormous individual performances, the Euros have been cant-miss television to this point. That will certainly be the case in the second match of Group D on Monday with Spain vs Czech Republic kicking off the day.
Spain is obviously a team that doesnt need much of an introduction at all. Despite their odd showings over the past couple of years that started with a disappointing 2014 World Cup, the Spanish are always poised to make a run and the 2016 Euros are no exception to that with the likes of Sergio Ramos, David De Gea, and of course many others. That being said, this Czech team has plenty of talent that has played at the highest level in European club competition and they could be a sleeper in the 2016 Euros to make real serious noise in this tournament.
This Group D matchup in the Euros between Spain and Czech Republic will be broadcast on ESPN with live streaming on WatchESPN, which can be accessed online or through the ESPN app using a cable or satellite subscription to login.
Details for Mondays game are below:
Date:Monday, June 13Start Time:9 a.m. ETLocation:Toulouse, FranceStadium:Stadium de ToulouseTV Info:ESPNLive Stream:WatchESPN
For all your coverage of the 2016 Euros, stay up to date with the FanSided Soccer hub and follow the @FanSidedSoccer on Twitter.
Hours after 49 people were killed in a nightclub shooting in Orlando Sunday, people started lining up to give blood.
Lines quickly got so long at one Orlando blood bank, OneBlood, asked people to make appointments, instead. "The blood center is at full capacity and is asking donors to help over the next several days to help replenish the blood supply," the organization said in a statement.
Tatiana Osorio, of Orlando, cries while giving blood at the OneBlood blood center, June 13. Osorio lost three friends in the shooting. David Goldman / AP
"Thousands of people packed our donor centers and blood drives eager to donate and help replenish the blood supply. Your immediate response to help patients in need was unprecedented and remarkable," it added.
"We have experienced a huge outpouring of support. Local blood banks have over 600 units of blood on hand, which is more than usual as a result of all the donations," said Orlando Health, an area not-for-profit medical network.
But almost as quickly, social media became overwhelmed with outrage. The club that was attacked was a favorite among gay men, but there are some restrictions on blood donations by sexually active men who have s*x with men.
"Shocking: Gay & bisexual blood donations STILL restricted after #Orlando massacre," OUT Magazine tweeted.
"There"s an urgent need for blood donors in Orlando. Gay men still can"t donate," tweeted Jared Polis, a Democratic congressman who"s gay.
It"s a basic tenet of public health and emergency responders when there"s a crisis to give people something to do. Giving blood is almost always No. 1 on the list, because blood shortages are frequent even when there isn"t a crisis, and blood donations help people beyond any immediate crisis.
So many in the LGBT (Lesbian, gay, bisexual, transgender) community felt especially offended that they were excluded from helping their own.
The Food and Drug Administration restrictions don"t quite amount to a ban on gay men. They"re meant to keep the human immune deficiency virus that causes AIDS out of the blood supply. So the FDA asks blood banks to exclude men who have had s*x with another man in the past year from donating blood -- a guideline softened last year after years of protest.
Before there was screening for HIV in blood donations, thousands of people caught HIV that way. By the end of 2001, more than 14,000 people became infected with HIV through blood transfusions, many of them children.
Related: As Promised, FDA to Lift Gay Blood Donation Ban
Experts estimate that the risk of being infected with HIV if you get a contaminated blood transfusion is 90 percent. And a single blood donation can go into the arms of three different people, the American Red Cross says.
"HIV antibodies may take a few weeks to develop after infection with the virus."
Tests for HIV don"t catch very early infections.
"HIV antibodies may take a few weeks to develop after infection with the virus. If you were recently infected, you might have a negative test result, yet be able to infect the recipient of your donation," the American Red Cross says.
There was a high-profile case in 2010. A Missouri man donated blood twice in 2008, and told the blood center he"d never had s*x with another man. At his second donation attempt, he tested positive for HIV. Blood he donated the first time went to a kidney transplant patient, who also become infected with HIV.
Investigators determined he"d lied about having s*x with other men and that he likely had become infected soon after his first donation.
Dozens of people wait to donate blood at the OneBlood Blood Donation Center in support to the victims of a mass shooting at Pulse nightclub, in Orlando, Florida, USA, 12 June. Cristobal Herrera / EPA
Other people at high risk of HIV or other bloodborne diseases are also excluded from giving blood, including s*x workers, injecting drug users, people with recent tattoos and, most recently, people at risk of Zika virus infection. People who lived in Britain since the 1980s are asked not to donate, because of the risk of a human version of mad cow disease, called Creutzfeldt-Jakob disease, that more than 170 people caught from eating British beef.
Gay and bisexual men, especially in the South, have a disproportionate burden of HIV infections. A recent report from the Centers for Disease Control and Prevention found that urban southern gay men have a 30 percent HIV infection rate. African-American men who have s*x with men have a 50 percent lifetime risk of HIV.
It"s in part because people fail to get tested, the CDC says, and in part because these communities are not always informed about the risks, and thus not aware of the importance of using condoms and other safe s*x practices.
"Today"s tragedy illustrates that it"s the blood already on the shelves that helps during an emergency."
FDA"s policy isn"t universally accepted by experts. Dr. Paul Volberding, director of the AIDS Research Institute at the University of California San Francisco, says a one-year exclusion is far too long because newer tests can show if someone is infected within a few days.
However, OneBlood says its donations get to recipients within three days. It hasn"t even been able to adopt the FDA"s latest guidance, and still asks all men who have ever had s*x with another man to hold off on donating.
The CDC and FDA say the restrictions have helped keep the blood supply alomost free of HIV.
The CDC estimated the risk for HIV infection through blood transfusion is now about one in 1.5 million.
Only about 10 percent of Americans eligible to donate blood do so in any given year, but high-profile attacks and disasters often cause people to turn out.
The Red Cross said it expected large crowds at four blood drives to be held in the Washington, D.C. area Monday. Red Cross blood drives were scheduled across the country Monday and Tuesday. And the organization has a website to help people find blood drives.
"Today"s tragedy illustrates that it"s the blood already on the shelves that helps during an emergency," the Red Cross said
R.I.P PS4 Neo, Xbox Scorpio Most Powerful Console Ever. Microsoft E3 Impressions
Who would have expected, three years ago, that the biggest news from Microsofts 2016 E3 event would be not just a new console, but two new consoles. The Xbox One S and Project Scorpio were the standouts of an E3 event that underscored Microsofts new direction a purposeful shift from the focus on entertainment and media to video games. Microsoft is treating the Xbox brand like Amazons Kindle ecosystem, envisioning a future in which Xbox games can be played on a console, a computer, a mobile device, or whatever else comes next.
Microsofts vision for the future of games is so big, that its almost easy to overlook the actual games being produced in the present. The company provided closer looks at a number of announced titles Recore, Halo Wars 2, and Gears of War 4 and officially announcing a slate of sequels State of Decay 2 and Forza Horizon 3.
It was a lengthy, game-filled presentation. So, weve collected the seven most important announcements.
Microsoft will launch two new consoles in the next two years: Xbox One S and Project Scorpio
Microsoft has fired the first shot in a new sort of console war. Sony is expected to announce an updated, more powerful PlayStation 4 at a later date, but this morning, Microsoft revealed its own plan. Or should we say plans?
The Xbox One S will be available this August, and is a traditional improvement upon a game console midway through its lifecycle: thinner and smaller, with a larger hard drive, a slick paint job, and a handful of small internal improvements. In fall 2017, though, Microsoft will release something different. Dubbed Project Scorpio, the new console will be able to run games at 4k resolution and power virtual reality experiences. But unlike a fully new console, Project Scorpio will be the beginning of Microsofts initiative to extend the lifecycle of a console or at least its games indefinitely. In this theoretical future, Microsoft will release new and better hardware with greater frequency, but old Xbox One games will work on the new hardware, too.
Xbox Play Anywhere wants you to play anywhere
The majority of upcoming games developed or published by Microsoft will be playable on Xbox One and Windows 10; so if you buy a downloadable game on Xbox One,youll be able to play it on PC. You can start on your Windows desktop, and finish on your living room Xbox One. Recore, Forza Horizon 4, and Halo Wars 2 will be some of the first titles to make use of the functionality.
Xbox president Phil Spencer compares the ubiquity to Netflix. The grand ambition is, one day, Microsoft games will be available wherever wed like them: on a computer, phone, television, VR headset, or whatever nascent technology will appear this decade.
Xbox Live gets "clubs"
"Clubs" are persistent groups of Xbox Live friends that exist both on and off Xbox One. Rather than form a new party each game session, a club is essentially a voice and text chatroom that can be entered and exited at will. The text chat isnt limited to the console, it will be accessible on PC and the Xbox Live mobile app, too.
Forza Horizon 3 and Gears of War 4 appeal to the fans
For Gears of War 4, Microsoft hired the franchise"s longtime producer, Rod Fergusson, to run the revamped Vancouver studio, The Coalition. The result of that decision is a Gears of War game that looks very much at place within the franchise, more so than the 2013 spinoff Gears of War: Judgement.
Forza Horizon 3 also looks like an ambitious, colorful sequel to a series that"s quietly become one of the best experiences on Xbox One.
Halo Wars 2 beta is playable todayHalo Wars 2 won"t be released until February 2017, but Microsoft announced the beta begins today. This is part of a new trend in which publishers give fans something to try immediately as they wait for the promises of E3 to become realities over the coming months or years.
