The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments. Consider video game retailer GameStop (NYSE:GME). Though the gaming sector continues to show promise, you'll find a few of the 3,176 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at the Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I've highlighted three of the main bearish arguments on GameStop today. Be sure to read the bullish side, as well, and then weigh in with your own comments below or rate GameStop in CAPS.

1. Online threat: Just as companies like Blockbuster (NYSE:BBI) are grappling with the transition of the movie business to a new platform, in part due to the success of major online movie provider Netflix (NASDAQ:NFLX), GameStop faces the threat of companies like Take-Two Interactive and Microsoft (NASDAQ:MSFT) beaming games directly to consoles. The company is making efforts to adapt to this market, but some CAPS members believe the change could threaten its brick and mortar business.

2. Increasing competition: Although GameStop is the top player in the used game market today, it's facing tougher competition from big-box contenders Wal-Mart (NYSE:WMT) and Best Buy (NYSE:BBY), who see potential in the higher profit margin market. As such, many are concerned not about if -- but by how much -- the competition will damage GameStop.

3. Falling industry sales: Until a few months ago, video games had held up well during the recession. But market research firm NPD Group recently reported that video game hardware, software, and accessory sales fell a record 29% year-over-year in June, followed by another 29% drop in July, marking the fifth straight month of declines. In addition, hardware sales slowed down due to anticipated price cuts on gaming consoles. Game publisher THQ (NASDAQ:THQI) offered a weak sales forecast recently and some investors foresee GameStop's upcoming results to be far less robust than originally thought.

Of course, GameStop has thrived despite past obstacles. But the question of its future viability is why CAPS is such a great resource to augment your own analysis. To see details of what CAPS members are saying now about GameStop, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.

The Motley Fool Stock Advisor service looks for companies with strong management poised to beat the market over the long haul. To see all the stocks that have helped Tom and David Gardner beat the market by 43 points on average, take a free 30-day trial.

Best Buy, GameStop, and Netflix are Stock Advisor picks. Best Buy, Microsoft, and Wal-Mart Stores are Inside Value selections. The Fool owns shares of Best Buy.

Fool contributor Dave Mock weighs the pros and cons of a fancy new sports car, but always ends up sticking with his clunker. He owns no shares of companies mentioned here. The Fool's disclosure policy is still waiting for its secret decoder ring to come in the mail.