Shares of GameStop Corp., the largest video-game specialty retailer, rose to their highest price in more than four years Thursday after Microsoft Corp. reversed a policy that would have curbed trading and reselling of used games on its Xbox One unit.
GameStop, based in Grapevine, Texas, jumped 6.3 percent to $40.94 at the close, its highest price since Sept. 12, 2008. The advance came in the face of a broad market sell-off. The stock has risen 63 percent this year compared with an 11 percent gain for the Standard & Poor’s 500 Index.
Microsoft said Wednesday it will drop curbs on reselling, trading and lending used titles and the need for regular Internet connections on its Xbox One in order to play disc-based games. Sony Corp.’s rival new PlayStation 4 console doesn’t have any game transaction limits.
Pre-owned games, which GameStop customers trade in for new versions, were 31 percent of first-quarter revenue, while new ones represented more than 37 percent.
The Xbox One and the PlayStation 4 will go on sale in the U.S. in the fall.
© Copyright 2014 Bloomberg News. All rights reserved.