Another Drop In GameStop

GameStop Corp. GME shares are trading lower by $2.28 (9 percent) at $22.44 in Friday's session. The catalyst for the decline is the announcement that the company has lowered its Q4 and FY 2016 outlook. That comes after a 16.4 percent drop in holiday sales.

After a lower open, it immediately bottomed at $22.27 and staged nearly a $1.00 rally to $23.19. That low coincides with its November 15 low of $22.19.

Since making that high, it has drifted lower into the mid-$22 handle, but has yet to make a new low for the session. If the decline continues, based on the daily charts, there may be limited support until its November 11 low of $21.50.