Theory about a pending Sony announcement is plausible, could also be a technical breakdown after that midday trade when someone dumped a huge block and dropped the price 50 cents. Looks like that triggered more selling, plus the gap from Friday needed to be filled from a technical perspective.
I was long Thursday night, took profits Friday morning and then went short Friday but chickened out right before the Friday close, wish I hadn't cause I'd be sitting pretty right now. However, this sell off was so convincing this afternoon I went short right before the close, it looks like someone knows something and there's more downside to be had IMHO.
How about its just more and more people realizing that physical distribution of digital content is dead.
Anyone with eyes open and brain on can see that gaming is changing fast and none of it involves vinyl (oops, excuse me, I meant CD) distribution of content; that F2P and subscription and mobile games are knocking out console/disk games; that publishers want money directly from consumers and dont want to split with retailers; that publishers hate used games resales; that MSFT/Publishers are going to offer on DDL old games cheap on Xbox1; and that as a result of any of these GME is going to die a not-very-slow death.