GME: Why GameStop Stock Is Moving Today

by Christopher Freeburn | June 17, 2014 11:21 am

A positive report on surging video game sales last month[1] sent gaming retailer GameStop (GME[2]) stock up more than 3% in Tuesday morning trading.

GameStop 300x225 GME: Why GameStop Stock Is Moving Today[3]
Source: Flickr[4]

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[5]) and Sony (SNE[6]), 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.

More Gaming News:

Endnotes:
  1. surging video game sales last month: http://venturebeat.com/2014/06/16/may-2014-npd-ps4-xbox-one-watch-dogs-and-mario-kart-8-fuel-industry-wide-surge/
  2. GME: /stock-quotes/GME-stock-quote/
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/11/GameStop.jpg
  4. Flickr: http://www.flickr.com/photos/moe/2574430333/
  5. MSFT: /stock-quotes/MSFT-stock-quote/
  6. SNE: /stock-quotes/SNE-stock-quote/
  7. Amaya Gaming Makes $4.9B Bet on PokerStars: http://investorplace.com/2014/06/amaya-gaming-pokerstars/
  8. GME: GameStop Announces Major PC Gaming Changes: http://investorplace.com/2014/05/gme-gamestop-pc-gaming/
  9. GOOG: YouTube to Buy Video Gaming Site Twitch in Huge $1B Deal: http://investorplace.com/2014/05/goog-youtube-video-gaming-site-twitch-1b-deal/
  10. Gaming News: Dying Light Delayed Until 2015: http://investorplace.com/2014/05/gaming-news-dying-light-delayed-2015/
  11. King, Tencent Deal Will Bring Candy Crush to China: http://investorplace.com/2014/04/king-tencent-deal-will-bring-candy-crush-china/

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