- GameStop (GME -1.1%) trades lower following an announcement by Microsoft of backwards compatibility for the Xbox One console.
- The development could impact used game sales.
- Shares of GME were in positive territory before the Microsoft news.
- Also in the backdrop on GameStop is a recent channel check by Cowen which showed a 25% Y/Y drop in physical videogames sales (console and handheld) during May. The timing of certain releases impacted the large swing.