Seeking Alpha

Sony cloud news stings GameStop, shares -8.4%

  • Shares of GameStop (GME -8.4%) are getting smacked around after Sony announces more details on its cloud gaming platform.
  • Though the development wasn't wholly unanticipated, it does wind up the countdown clock for when the physical game model will be considered obsolete.
  • A mid-day downgrade on GME from Stifel Nicolaus to Hold from Buy related to the Sony news is also swaying some investors.
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