GME earned $1.80 in 2008, expects $2.40 in 2009, and $2.80 in 2010. The market thinks that GME will not continue this trend, apparently. Market values GME like a RadioShack (RSH), which also sells for a PE less than 10. Some big shareholders are dumping GME to buy something else. GME business is doing well today, and GME will prosper over the next few years.
I'm holding, but I'm not so sure GME's future is quite so bright. I am concerned that earnings GROWTH has slowed dramatically and that the gaming market may be maturing out. Hardware prices are being slashed. New, really great games are coming out slower and in fewer numbers. More retailers competing in GME's space. Internet and downloads. Economy likely to remain droopy for quite some time.
IMHO, GME has tremendous overhead resistance and we all will be lucky if it can get above and stay above $26-28. I still have some profits in GME. Probably won't hang around much longer unless the overall market starts to take off......which, seasonally, is very unlikely to happen. Hopefully, I'm wrong.