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Play of the Day (For Wednesday)
- IGT INFO -
Quote
 
Profile
News
 
Interactive Chart
Tuesday, March 06, 2001

IGT - International Game Technology $56.59 +0.81 (+2.90)

Tuesday's Comment:

Value investing in the technology sector was the dominant theme of the day. However, this little fact did not stop momentum traders from bidding IGT higher. The stock of this leader in the casino gaming equipment business was bolstered by some bullish comments from Robertson Stephens, which has raised its earnings forecast for fiscal 2001 to $2.60 and 2002 to $3.00. Previous estimates were calling for profits of $2.55 and $2.85, respectfully. The research firm added that the stock could drive past $70.00 over the next 24 months. Earnings estimate increases are exceedingly rare these days and IGT has been rewarded for its ability to grow during these difficult economic times. IGT ignored the late day profit taking and closed right at its newly established all-time high of $56.59. This fact means that there is an absence of overhead resistance, and a positive open tomorrow could result in an extension of the stock's gains. The MACD survived a test and is now pointing towards higher prices. The OBV and Money Flow are noticeably strong and also point towards an extension of the rally. Please note that we have raised our stop to $54.75. Momentum traders may want to continue adding positions as long as IGT can stay above the support offered by the 5-DMA of $54.88.


Picked on February 20th @ $53.52
Change since picked +3.07
Stop Loss @ $54.75


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