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Stocks G / Gamestop
|Subject: Q4 update||Date: 1/8/2011 2:26 PM|
|Author: newsreporter||Number: 191 of 217|
Gamestop Falls On Q4 Update; Lazard Says Buy
Gamestop (GME) this morning reported holiday sales rose 5.4% from a year earlier to $3.02 billion, and that its comp-store sales in the period rose 3.4%.
The company said it exceeded its own plan for the holidays. And the company reiterated its Q4 and full-year forecast. (Gamestop is on a January-ending Q4.)
Lazard Capital Markets analyst Colin Sebastian this morning writes that the sell-off could just be profit taking following a 13% rise in the stock. He notes that the 1.7% rise in the used games category reflects the seasonality of fewer used titles being bought during gift-giving season. Sebastian sees some weakness in Europe, however, but guesses that used sales post-holidays are outperforming expectations.
Sebastian thinks Gamestop should benefit from Microsoft’s (MSFT) sales of 8 million “Kinect” game controllers, announced at the Microsoft keynote at CES last night.
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