GameStop Corp. GME shares are trading lower by $2.50 (10 percent) at $21.06 in Wednesday's session. The embattled retailer lowered Q3 and FY 2016 EPS guidance.
Along these lines, the company forecast FY 2016 comparable store sales to tumble between 6.5 and 9 percent.
After a sharply lower open, it managed a slight bounce to $21, which was well ahead of the lower-end of Thursday's range ($23.32), before turning lower again.
The ensuing decline took the issue to $20.10, before mounting a rebound to the $21 area. That marks the first time the issue has been near $20 since September 2012, when it bottomed at $19.83.
Today's price action is taking place on much heavier than average volume. With five hours remaining, 5.3 million shares have already traded compared to it 20-day average of 2.5 million.
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