GameStop (GME) NewsBite - GME Downgraded By Janney Montgomery Scott

Posted: Tuesday, October 20, 2009 1:26 PM EDT

GameStop (GME) was downgraded today by analysts at Janney Montgomery Scott and the stock is now at $26.02, down $2.14 (-7.6%) on volume of 6,471,143 shares traded. The brokerage reduced GME to Neutral from Buy. Over the last 52 weeks the stock has ranged from a low of $16.91 to a high of $33.95. GameStop stock has been showing support around $27.56 and resistance in the $28.60 range. 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 December out-of-the-money bear-call credit spread above the 29 range. [ABR-Seven Summits Strategic Investments NewsBite]

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