In his latest research note, Nollenberger Capital Partners analyst Todd Greenwald has commented on the high demand for two of Activision's top video games. Greenwald noted that Call of Duty 4: Modern Warfare, in particular, is getting snapped up by eager gamers at a very rapid rate.

"Call of Duty 4, which was released two days ago by Activision, appears to be in extremely high demand and is sold out across the board. We've checked with a wide range of retailers (Gamestop, Wal-Mart, Target), and only pre-orders are being satisfied—stores are otherwise sold out of the title," he said.

Greenwald also commented on the game's great sales potential. "Thus far, the game has an average score of 9.5/10 on metacritic.com, which is almost unprecedented and puts it on par with Halo 3. It is certainly the highest-rated game Activision has ever created. Keep in mind, CoD4 is launching on four times as many platforms (360, PS3, PC, DS) as Halo 3 (360). Halo 3 has so far sold about four million units. A year ago, Call of Duty 3 sold about three million units, and we anticipate this year's version could do four million or more," he predicted.

As for the hugely popular Guitar Hero III, while Activision chairman Bobby Kotick recently said that there's a "high likelihood that we will not be able to meet demand for this game on every platform," Greenwald noted that the game doesn't seem to be in as high demand as Call of Duty 4. It's still selling out, though.

"Guitar Hero III, to a lesser extent, is also out of stock at many retailers... The Xbox 360 and the Wii versions are the hardest to come by," he said. "We note that at this point sellouts are generally a good thing, a sign of better than expected demand. There still remains plenty of time between now and the holidays for Activision to fulfill re-orders and get product back onto store shelves so that it is not short-changing itself, in our view."

He concluded with a prediction that Guitar Hero III "will ship over four million units, up from 2.5 million last year."