US packaged game sales are not yet in positive territory y/y but getting closer. Hardware sales in November are down 23% y/y because of tough comps (PS4 and Xbox One were launched in Nov. 2013 and their sales included pre-orders). As expected, the Xbox One is the best-selling console for the first time in the last 11 months. Packaged software sales were not positive y/y but getting closer to it, at -2% y/y (vs. our +5% est.). Including bundled software, we believe Ubisoft had succeeded in ranking 3 games in the Top 10 (and 2 games excl. bundles). At first sight, retail software sales should post y/y growth in December. We maintain our hierarchy of ratings: UBISOFT is our top pick (Buy – FV of EUR21) and we remain cautious on GAMELOFT (Neutral – FV of EUR3.3).