GameStop Sees Better-Than-Expected Q4, May Purchase Up to 500 Stores From AT&T

Shares of

were trading lower by nearly 2 percent early Wednesday afternoon following a

. GameStop said in a regulatory filing that it has entered into an asset purchase agreement with an

reseller which could result in the acquisition of 450 to 500 stores. As such, the company intends to offer and sell $400 million in aggregate principal amount of unsecured senior notes due 2021 to help finance the transaction. GameStop also provided preliminary guidance and expects its earnings per share to exceed its prior guidance of $2.19 to $2.25 per share. The company also expects its sales to be in a range of $3.5 billion to $3.55 billion which is ahead of Wall Street's expectations of $3.57 billion. GameStop also added that it expects its adjusted EBITDA for the fourth quarter to be approximately the same or slightly higher than its fourth quarter EBITDA of $434 million.