GameStop (NYSE: GME) NewsBite - GME Posts Disappointing Q2 Earnings

Posted: Thursday, August 20, 2009 10:42 AM EDT

GameStop (NYSE: GME) opened at $23.24. So far today, the stock has hit a low of $23.01 and a high of $24.10. GME is now trading at $23.53, down $1.65 (-6.55%). The stock hit its 52-Week high of $46.36 in September of 2008 and set its 52-Week low of $16.91 in November. GME is trading lower today after the company announced it earned 0.23 per share in the second quarter, a nickel below expected results. Also, GME lowered its full-year forecast, blaming an industry-wide slowdown. 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 an October out-of-the-money bear-call credit spread above the 28 range. [ABR-Seven Summits Strategic Investments NewsBite]

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