GameStop stock was down on Monday following a report about gaming plans from Apple (NASDAQ:AAPL).
According to this recent report, Apple is considering launching its own game subscription service. This service would give subscribers access to a collection of video games to play for a monthly fee.
The finer details of the service are still unknown, but sources say it will be like “Netflix for games.” The source of this rumor are five individuals who can’t openly discuss the plan due to its confidential nature.
These five individuals told Cheddar about the Apple game service plan that has GameStop (NYSE:GME) stock falling today. Two sources also claim that the tech company may also be planning to get into the market as a game publisher.
The rumors of an Apple video game service aren’t the only ones that have been shifting GameStop stock. There’s also been talk that the video game retailer is getting closer to selling itself. These rumors claim that a public deal for GME may be announced as early as mid-February.
While it is still unknown what company may be considering buying GameStop, there are a couple of guesses. This includes private equity firms such as Sycamore Partners and Apollo Global Management (NYSE:APO). Either way, the company could use the help. GameStop stock has been dropping over the last few years.
GME stock dropped as much as 4% Monday morning, but is now only down 2% at noon.
As of this writing, William White did not hold a position in any of the aforementioned securities.