The game retailer’s stocks take a plunge following the announcement of game deals by Wal-Mart.
New York (WiredPRNews.com) – GameStop stock took a plunge Wednesday amid the announcement of special discounts on popular games offered by retail giant Wal-Mart. As reported by the Associated Press (AP), Wal-Mart Store Inc. recently announced recent holiday promotions that could have a significant impact on game sales of GameStop.
Janney Capital Markets analyst Tony Wible is quoted by the AP as stating to investors in a note on the matter, “This news is clearly a negative for (GameStop) which generates the bulk of its sales during the holiday season and may be forced to reduce prices to stay competitive.”
As noted in the report, GameStop has expressed optimism about this year’s holiday season. Shares of the game retailer’s stock closed Wednesday at $21.87.
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