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.

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[4]) and Sony (SNE[5]), 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:

• Amaya Gaming Makes $4.9B Bet on PokerStars[6]
• GME: GameStop Announces Major PC Gaming Changes[7]
• GOOG: YouTube to Buy Video Gaming Site Twitch in Huge $1B Deal[8]
• Gaming News: Dying Light Delayed Until 2015[9]
• King, Tencent Deal Will Bring Candy Crush to China[10]

Source URL: https://investorplace.com/2014/06/gme-gamestop-stock-moving-today/

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