GameStop (NYSE: GME) NewsBite - Nov. Video Game Sales Increase 10%

Friday, December 12, 2008 12:04 PM EDT

GameStop (NYSE: GME) opened at $22.12. So far today, the stock has hit a low of $22.12 and a high of $24.26. GME is now trading at $23.78, up $.94 (4.12%). The stock hit its 52-Week high of $63.68 in December of last year and set its 52-Week low of $16.91 in November. GME is getting a boost today after market researcher NPD Group announced that November video game sales increased by 10% from last year. This is good news especially after Electronic Arts (ERTS) said recently that they expect a slowdown this year. Evidently that slowdown is not affecting other areas of the industry. Technical indicators for the stock are bullish and S&P gives GME a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on GME the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 15 range. [ABR-Seven Summits Strategic Investments NewsBite]

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