Sony cloud news stings GameStop, shares -8.4%

|About: GameStop Corp. (GME)|By:, SA News Editor

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.