GameStop Falls as Piper Jaffray Cuts Estimates

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Shares of video game retailer GameStop
GME
fell on Thursday after analysts at Piper Jaffray cut their revenue estimates for the company. At last check, the stock was trading down around 5 percent to $26.19. GameStop shares have been moving strongly higher over the last three months, adding more than 15 percent during that time. Shares are holding above a support level at $26.00. Traders will want to watch this level closely as a break of $26.00 to the downside could lead to heavier losses in the name. The Piper Jaffray analysts cited weak expectations for the Wii U game console, saying that the next-generation Nintendo game system's technical details were "disappointing." GameStop is a very heavily shorted stock with more than 36 percent of the float sold short. In recent months, these short-sellers have been wrong about the direction of the name, but Thursday's losses could be the beginning of a downtrend in GameStop.
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Posted In: Analyst ColorNewsIntraday UpdateAnalyst RatingsMovers
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