GME: Why GameStop Stock Is Moving Today

New popular game titles drove sharply higher sales in May

   

A positive report on surging video game sales last month sent gaming retailer GameStop (GME) stock up more than 3% in Tuesday morning trading.

GameStop 300x225 GME: Why GameStop Stock Is Moving Today
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Industry research firm The NPD Group says that spending on video games soared 52% year-over-year in May, hitting $586 million. The spending surge was bolstered by the release of new gaming titles and new consoles from Microsoft (MSFT) and Sony (SNE), VentureBeat notes.

Last month, gamers spent $187 million on new video game consoles. That’s almost twice the $96 million they spent in the same period in 2013. Microsoft and Sony launched their next-generation Xbox One and PlayStation 4 consoles in November.

Spending on video game titles climbed 57% to $175 million, driven by new game launches including Watch Dogs, Mario Kart 8, Wolfenstein: The New Order, The Amazing Spider-Man 2, and Kirby: Triple Deluxe, according to NPD.

GME stock closed at $37.72 on Monday.

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