GO
Loading...

Sell Block: Int'l Game Tech's No Gamble

Cramer’s charitable trust recently sold its International Game Technology holdings, thinking casino spending would see a slowdown. Unfortunately, that turned out to be a mistake.

Reporting only an inline quarter with revenues $9.1 million below expectations, Cramer had soured on IGT . Not to mention, the two casino stocks he watches regularly – Wynn Resorts and Las Vegas Sands – had fallen $60 from their highs. The Mad Money host said he thought the worldwide gambling boom was coming to an end.

But then California and Florida voted to allow a total of 23,000 more of the slot machines IGT makes to be installed. Both states should have their shipments by next quarter. The news sent IGT up seven quick points as analysts raced to revise their earnings estimates.

Now, Cramer’s back to being bullish on IGT. He recommended Homegamers buy some if the stock pulls back.

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Symbol
Price
 
Change
%Change
ITG
---
LVS
---
WYNN
---

Featured

Contact Mad Money

  • Showtimes

    U.S.
    Monday - Friday 6p ET
    Australia
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.