GameStop Is Biggest Decliner in S&P 500 After Forecast Changeby
Retailer's shares drop to lowest intraday since March 2013
Q4 forecast range of EPS $2.19-$2.25, below estimates
GameStop Corp. had the biggest stock decline in the Standard & Poor’s 500 Index after narrowing its earnings forecasts for the holiday-season quarter to a range that’s below analysts’ estimates.
The largest video-game specialty retailer in the U.S. now sees earnings per share of $2.19 to $2.25 in the fourth quarter ending Jan. 31, versus a previous range of $2.12 to $2.32. Analysts anticipated $2.26, the average of predictions compiled by Bloomberg.
The shares dropped 9.1 percent to $26.72 at 9:50 a.m. in New York.