Why Unity Software Stock Is Popping Off Tuesday

Unity Software Inc U shares are trading higher by 8.33% to $43.29 Tuesday afternoon. Shares of video game-related companies are trading higher in sympathy with Activision Blizzard after a federal judge denied the FTC's request for a preliminary injunction of Microsoft's acquisition of the company.

What Happened?

"After considering the parties’ voluminous pre-and-post hearing writing submissions, and having held a five-day evidentiary hearing, the Court DENIES the motion for preliminary injunction," the Monday document signed by the U.S. District Court for the Northern District of California judge says.

Corley adds: "The FTC has not shown it is likely to succeed on its assertion the combined firm will probably pull Call of Duty from Sony PlayStation, or that its ownership of Activision content will substantially lessen competition in the video game library subscription and cloud gaming markets."...Read More

According to data from Benzinga Pro, U has a 52-week high of $58.62 and a 52-week low of $21.22.