Market is sick as a dog. Almost all gaming stocks are getting punished. However, IGT has been firm all day. But finally had to succumb to the overall market. So its a little red. I like today's action alot. IGT showed some backbone today. It bent, but didnt break. Of course, theres those of you who would say it was already broken when it fell from 47 down to 25. That doesnt concern me. I am concerned with the here and now.
The final flush is at hand. Lets meander in 24-25 range. No problem. The institutions are scooping this baby up with both hands and shovels at this level. There is firm support here.
You state "There is firm support here." Yet as I type this message the stock is down another $0.39. What is your defintion of support? It is a total crap shoot to buy before 4/21 when we all learn if IGT meets its stated earnings expectations. If past history provides any quidance, the stock will decline 10%-15% from its 4/20 closing price in the days after the conference call. This is a stock to aviod until then.
I too do not see any evidence for support. One of the reasons I got out. Like I have stated on other postings, I am looking for the price point to get it because I think IGT is a strong company and will see good growth....eventually.
Dave, in the last six months, while the stock has taken this $10 haircut from 35 to 25, the volume has averaged over 3.5 million. That is huge volume for this stock--you remember what the volume was like a year ago, etc.. If we hit two million or more, that was strong. Hell, I remember when the volume was a couple of hundred thousand--but that was an eternity ago--so it seems.
Dont forget, for every seller--there has to be a buyer. That obvious statement said, who do you think is buying here? Other than guys like me, who are not common, we arent going over 4 million in volume everyday because joe public are buying 100 share lots. The weak hands are selling. Some of whom were too stupid to take profits off the table like you and I.
These so called investors--some are my friends who own many shares--refused to sell in the 40's, 30's, only to sell in the high 20's and below. I told at least 4 people who own 10k share or more to sell in the the high 30's. Then I begged them in the low 30's. Now they are selling. Too late.
That being said these guys still got fat off the stock. They, like me had low cost averages in the stock.
Make no mistake, the institutions are happier than pigs in slop. They are all over IGT.