Q1 sales decline as GameStop stock sinks on plan to issue shares

GameStop stock tanked on Friday morning after the company filed to sell stock and pre-announced that sales for the first quarter came in below Wall Street's estimates.

GameStop shares sink on plan to issue 45 million additional shares. Video game retailer also released preliminary first quarter results. Q1 sales are expected to be in a range of $872 million to $892 million compared to $1.237 billion in the same quarter a year ago.