Tech Stocks: GameStop Rebounds From Tuesday Tumble

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Tech Stocks: GameStop Rebounds From Tuesday Tumble

by Wochit 0:43 mins

Tech Stocks: GameStop Rebounds From Tuesday Tumble

by Wochit 0:43 mins

Shares of GameStop have rebounded slightly in Wednesday trading, one day after a massive plunge off its holiday sales report. GameStop stock plunged nearly 20% Tuesday following its holiday sales report that showed a decline in new video game software. However, sales of new video game hardware doubled compared to 2012, thanks to the arrivals of the PlayStation 4 and Xbox One in November. Nevertheless, the strong start for next-generation consoles will benefit GameStop in the long term, says Sterne Agee analyst Arvind Bhatia.

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