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GameStop shares drop 15% following holiday sales info release
Following yesterday's lowered profit forecast announcement from GameStop, the company's stock took a 15 percent dive as of last night. According to GamesInudstry.biz, stocks opened yesterday "sharply down" due to the release of lowered profit expectations, but rose again before ending the day at $20.46. We might not know what the future holds for GameStop, but Wedbush Morgan analyst Michael Pachter returned from the future for just long enough to say he believes "industry sales will rebound in 2010 and that GameStop is well-positioned to gain share [over] the first half of the year." It certainly doesn't hurt the retailer that 2010 is chock full of delayed 2009 releases, we imagine.
