Gamestop Trounced After Q3 Miss And Lowered Guidance

Gamestop Company GME shares are trading lower by $4.50 at $34.76 in Monday's session. The catalyst for the sharp decline is a nickel miss for Q3 EPS with $14M less for sales. Also, the company lowered Q4 andFY 2015 estimates a lower and wide range. Despite tumbling all the way to $31.62 in premarket trading, the issue bottomed at $33 of its opening print and began to move higher. So far, t has reached $34.81 and backed off into the mid $33 handle before mounting another rally. In order to reach the bottom end of Friday's range it would need to rally all the way to $39.81. The low for year was made in January at $31.69, which coincides with its premarket low of $31.62. Joel Elconin is the co-host of Benzinga;s #PreMarket Prep, a daily trading idea radio show.

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