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GameStop Falls Midday as Sony Releases PlayStation 5 Details

Investing.com - GameStop (NYSE:GME) was lower in midday trade on Tuesday after Sony (NYSE:SNE) said it would release its latest PlayStation model during the 2020 holiday season.

The release date was slightly later than expected, which is likely to be bad news for the struggling game retailer. Microsoft's (NASDAQ:MSFT) new Xbox is also expected to come out around the same time.

Meanwhile Target (NYSE:TGT) announced it is planning to help TRU Kids relaunch its Toys R Us website, which would provide another avenue for customers to buy video games.

GameStop (NYSE:GME) was down 4.6% in midday trade.

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