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Shares Plummet For GameStop Corp

By KJ Mullins     Nov 20, 2007 in Business
GameStop Corp, the largest US video game retailer, saw it's stocks plummet after giving a disappointing profit outlook for the holiday season. The shares slipped after GameStop said it's profits for the fourth quarter would be 95 to 97 cents a share.
While this is higher than it was at this time last year it is below the $1.01 expectation of analysts.
After the third quarter the stocks had increased from 9 cents a share to 31 cents in a year's time. The sale of games like Halo 3 and Madden NFL '08, and Guitar Hero II had driven the share values up above the predicted 23 cents a share.
A raise of $1.61 billion from $1.01 billion in revenue during the time period has helped the company to remain as the last major specialty chain in the $30 million video game industry.
GameStop competes in the video game market against giants like Wal-Mart and Best Buy. It has opened 181 new stores and operates 5,000 stores worldwide.
Shares of the company dropped to $47.61 on the New York Stock Exchange.
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