GameStop Gives Apple a Boost

GameStop (NYSE:GME) says its trade program that lets customers swap Apple (NASDAQ:AAPL) iPods, iPhones and iPads for store credit or cash has gone better than expected. The firm predicts good business after the holidays as even more customers trade in older models after receiving newer ones as gifts, says President Tony Bartel.

With the success of the iPod, iPhone and iPad trade program, the company plans to continue expanding the number of refurbished devices for sale online and in select GameStop stores.

Here’s how GameStop and Apple are trading on the news:

GameStop Corp. (NYSE:GME): GME shares recently traded at $23.90, down $0.02, or 0.08%. They have traded in a 52-week range of $18.34 to $28.66. Volume today was 823,675 shares versus a 3-month average volume of 3,484,870 shares. The company’s trailing P/E is 8.58, while trailing earnings are $2.79 per share.

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $403.94, down $2.59, or 0.64%. They have traded in a 52-week range of $310.50 to $426.70. Volume today was 5,888,927 shares versus a 3-month average volume of 16,676,100 shares. The company’s trailing P/E is 14.59, while trailing earnings are $27.68 per share.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com