Slot Machine Stocks Catching Up With Casinos (IGT, WMS, BYI, ISLE, PNK, MGM)
Stocks in the gambling sector have been on fire lately, and International Game Technology (IGT) extended gains after reporting $35.9 million in fiscal second-quarter earnings. EPS for the quarter came in at 12 cents, a penny higher than Q2 2009, and after adjustments the performance matched analyst expectations, according to the Associated Press. IGT CEO Patti Hart noted that the business’s operating environment “remains challenging,” but investors are cheering the report, sending shares higher by 9%.
As a whole, the Gaming and Slot Machine Stocks Index is ahead by 3.8% today. It has now outperformed the S&P 500 by double-digits over the past month as IGT, WMS Industries (WMS), and Bally Technologies (BYI) shot ahead by more than 15%.
Meanwhile, the Casino Stocks Index has surged higher by 16.5% over the last month. Isle of Capri Casinos (ISLE), Pinnacle Entertainment (PNK), and MGM Mirage (MGM) have all gained 30% or more for the period, and six of the Index’s fifteen components are ahead by more than 20% on a one-month basis.
Investors can track these Indexes and more than 250 others for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
(IGT) International Game Technology Offers Mobile Games to Mr. Green (Stock Blog Hub, 4/18/13)
Jefferies Says IGT Behind The Curve, Initiates With Hold (IGT) (Benzinga, 9/16/10)
International Game Technology Amends Its Joint Venture (Benzinga, 9/21/10)
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