GameStop shares surge on Xbox One news
Retailer's stock value up more than 5 percent in early trading after Microsoft's policy reversal for Xbox One.
GameStop shares surged today after Microsoft announced a new Xbox One policy that lifts all limitations on used games for the platform.
At press time, GameStop shares are up 5.32 percent (+2.39) to $40.57.
Microsoft's new terms state players are free to trade in, lend, resell, gift, and rent disc-based games in the same way that they can today on the Xbox 360.
The new policy is a boon for GameStop, which makes a significant portion of its revenue from secondhand sales.
GameStop praised Microsoft's policy reversal yesterday, saying the move was "great news" for gamers and is a testament to Microsoft's understanding of the importance of the used-game market.
Microsoft's former policy was less than encouraging for GameStop, stating that Xbox One games could be shared only once, and only with someone a player has been friends with on Xbox Live for 30 days.
In addition, whether or not secondhand Xbox One games would be allowed at all was in the hands of individual publishers like Activision or Electronic Arts.
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