GameStop Corp. Q4 adjusted earnings Miss Estimates

GameStop Corp. (GME) revealed a profit for its fourth quarter that advanced from last year.

The company’s earnings totaled $80.5 million, or $1.19 per share. This compares with $21.0 million, or $0.32 per share, in last year’s fourth quarter.

Excluding items, GameStop Corp. reported adjusted earnings of $90.7 million or $1.34 per share for the period.

Analysts had expected the company to earn $1.35 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 3.2% to $2.12 billion from $2.19 billion last year.

GameStop Corp. earnings at a glance:

-Earnings (Q4): $90.7 Mln. vs. $83.8 Mln. last year.
-EPS (Q4): $1.34 vs. $1.27 last year.
-Analysts Estimate: $1.35
-Revenue (Q4): $2.12 Bln vs. $2.19 Bln last year.

Deshaun Watson’s attorney calls allegations of sexual misconduct ‘completely false’

Deshaun Watson's attorney issued a lengthy statement Tuesday defending his client against allegations of sexual misconduct and assault that have been levied against him by 14 women in civil lawsuits over the past week.

Watson's attorney, Rusty Hardin, said in the statement that the attorney representing the 14 women, Tony Buzbee, has "orchestrated a circus-like atmosphere" by using social media to publicize the lawsuits and has since refused to privately disclose the identities of the women, which Hardin said is preventing his team from fully investigating the claims.

Hardin also said that they have been able to independently identify one of the women, and have determined, according to Hardin, that she attempted to "blackmail" Watson in January.

"In January of this year, a woman attempted to blackmail Deshaun by demanding $30,000 in exchange for her 'indefinite silence' about what she stated was a consensual encounter," Hardin said in the statement.

"This calls into question the legitimacy of the other cases as well," Hardin said.

ViacomCBS stock closes down 9% after company says it will raise $3 billion from stock offerings

• Shares of ViacomCBS closed down 9% Tuesday
• The company said it would raise $3 billion from stock offerings. 
• ViacomCBS said it would use the funds to power "investments in streaming," among other general corporate purposes.

Shares of ViacomCBS closed down 9% Tuesday, a day after the company said it would raise $3 billion from stock offerings. 

ViacomCBS said it will sell $2 billion in class B common shares and $1 billion in Series A mandatory convertible preferred shares.

The stock offerings come just a few weeks after the company launched its Paramount+ streaming service, and the offerings will help the company bulk up its content. ViacomCBS said it would use the funds to power "investments in streaming," among other general corporate purposes.

Media companies have been pouring funds into new content as the field gets more crowded, with competitors ranging from Netflix to AT&T's HBO Max. ViacomCBS has said it expects to invest around $5 billion in its streaming content by 2024. That's up from a reported $1 billion last year. In that same time frame, it expects to hit between 65 million 75 million streaming subscribers.

Despite Tuesday's stock dip, shares of ViacomCBS are up nearly 145% year to date.

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Adobe Systems Inc. Q1 adjusted earnings Beat Estimates

Adobe Systems Inc. (ADBE) announced earnings for its first quarter that increased from the same period last year.

The company’s profit came in at $1.26 billion, or $2.61 per share. This compares with $0.96 billion, or $1.96 per share, in last year’s first quarter.

Excluding items, Adobe Systems Inc. reported adjusted earnings of $1.52 billion or $3.14 per share for the period.

Analysts had expected the company to earn $2.78 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 26.5% to $3.91 billion from $3.09 billion last year.

Adobe Systems Inc. earnings at a glance:

-Earnings (Q1): $1.52 Bln. vs. $1.11 Bln. last year.
-EPS (Q1): $3.14 vs. $2.27 last year.
-Analysts Estimate: $2.78
-Revenue (Q1): $3.91 Bln vs. $3.09 Bln last year.

-Guidance:
Next quarter EPS guidance: $2.81
Next quarter revenue guidance: $3.72 Bln
Full year EPS guidance: $11.85
Full year revenue guidance: $15.45 Bln

‘College GameDay’ analyst Kirk Herbstreit to headline NFL draft coverage on ABC

One of ESPN's most recognizable faces of its college football coverage will, again, slide over, to help with the NFL draft.

Kirk Herbstreit, who is both a color analyst on ABC's premier Saturday night college football broadcast and one of the faces of ESPN's "College GameDay," will be one of the headliners for ABC's coverage of the 2021 NFL draft, according to a person with direct knowledge of the situation. 

The person spoke to USA TODAY Sports on the condition of anonymity because the network had not yet announced its plans.

Front Office Sports was the first to report the news. Full details about the networks' coverage plans are expected to be announced soon.

The Walt Disney Company owns both ABC and ESPN.