GameStop Shares Jump After Reaffirming Earnings Forecast

Shares of GameStop spiked after the company reaffirmed its earnings forecast after reporting strong holiday sales, making it TheStreet's Move of the Day. The largest video-game retailer reaffirmed its fourth-quarter earnings forecast. GameStop said sales of new titles led by Call of Duty: Advanced Warfare and Grand Theft Auto V during the holiday period helped offset its weaker demand for gaming consoles. In addition, analysts at Pacific Crest raised its rating two notches to OUTPERFORM from UNDERPERFORM with a $48 price target. The firm believes gaming software will return to growth this year. TheStreet's Kurumi Fukushima reports from New York.