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IGT Down as Slot Machine and Casino Licensing Falls
RENO, NV --
International Game Technology (NYSE IGT) announced today 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.
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