Shares of the "big three" video game publishers are trading higher as this year's Electronic Entertainment Expo, or E3, continues this week. Following all the major game makers' presentations at the show, Piper Jaffray analyst Michael Olson maintained Overweight ratings on Activision Blizzard (ATVI), Electronic Arts (EA), and Take-Two (TTWO) and noted that the biggest takeaways from the event were announcements around subscription and streaming, as well as news that there will be more titles than expected launching in the pre-holiday window.

E3 TAKEAWAYS: In a research note to investors, Piper's Olson said that subscription and streaming announcements are becoming a bigger part of the video game publisher "narrative." The analyst pointed to EA's newly announced subscription service, Origin Access Premier, and noted that there is "unanimous support" among publishers for streaming. In addition, Olson said that the release slate for the second half of the year "just got more crowded," as Bethesda's "Fallout 76" and Ubisoft's (UBSFY) "Assassin's Creed Odyssey" are slated for fall releases, alongside Activision's "Call of Duty: Black Ops 4," EA's "Battlefield V," and Take-Two's "Red Dead Redemption 2." The analyst believes that the major releases from the big three publishers will "hold up competitively," but these additional titles in the pre-holiday window could limit upside in some cases.

ACTIVISION: Olson said that while Activision Blizzard did not have much in the way of incremental news at E3, it indicated that it expects "Black Ops 4" will not likely be impacted by the crowded pre-holiday slate and that pre-sales for its upcoming "World of Warcraft" expansion are tracking "very positively."

EA: The analyst also said that he believes EA's subscription service is being "tested" on PC for an eventual roll-out to consoles. If investors increasingly believe EA can drive more highly visible subscription revenue, the multiple of the stock should trend higher, Olson said.

TAKE-TWO: In addition, Piper's Olson said that Take-Two is "optimistic" ahead of the launch of "Red Dead" this October and that the company is does not expect the crowded pre-holiday slate or cannibalization of "Grand Theft Auto" to have a negative impact on the game.

PRICE ACTION: In afternoon trading, Activision Blizzard rose 1.2% to $76.88, Electronic Arts gained 3.3% to $144.34, and Take-Two was 2.4% higher to $117.45.