The Dallas Morning News reports that GameStop’s stock dropped substantially Wednesday (December 2, 2009) after Walmart announced decent discounts on some bestselling games and $50 gift cards for Nintendo Wii buyers.

GameStop stock dropped 8.3 percent after to close at $21.87 after Walmart revealed discounts on games including Madden 2010 and Left 4 Dead 2, knocking their price down to $50. The DMN quotes Arvind Bhatia an analyst at Dallas’ Sterne Agee & Leach, saying GameStop is probably not worried.

In a move drawing a lot of industry attention, GameStop director Leonard Riggio has sold 2.3 million shares of the company’s stock.

He earned $60.2 million from the sale and reduced his ownership in the game retail company from 6.9 percent to 5.5 percent. The timing seems odd as the sale comes right before the holiday season, when GameStop generally expects to make billions. The holiday season of 2009 is packed with potential sales blockbusters including Call of Duty: Modern Warfare 2 and New Super Mario Bros.