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Thursday, April 24th, 2008

IGT Numbers Crash

IGT returns as regards profits are down as slot machine and Casino Licensing drops.

International Game Technology announced earnings in the latest quarter decreased due to a slowing economy and lower demand for its high-tech slot machines.

Profits were slashed in half as net income in the quarter fell to $68 million, or 22 cents per share, down from $128.2 million, or 38 cents per share, in the same quarter of the previous year.

Back on Valentine's Day of this year, Jim Cramer, host of CNBC television show Mad Money and well-known stock handicapper, chose IGT as one of his 'stock picks of the day'. Turns out to be a perfect example of why investors should never rely solely on the advice of a broker when choosing stocks.

International Game Technology (IGT) is a worldwide gaming outfit focusing in the design, manufacture and marketing of computerized gaming equipment, including slot machines, automated bingo services, and electronic card dealers, among other things.

Analysts have noted a weak economy is not the only thing to blame for the performance of this stock.

"The growth of casino expansion is a major factor in IGT's earnings. If new casinos are not going up, then IGT is usually going down", said Kevin Heverty of Heverty Financial.

posted by bingolord

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