IGT will tell tale on whether Casino Stocks move higher
Big gains today for casino stocks like WYNN and LVS today. All the casino names have snapped back strongly from their March lows. One related name that hasn't participated in this upward March: International Game Technology (IGT), a supplier of the gaming consoles to all the big hotels. Its one month returns have been modest.
IGT hasn't had the same drop-off since the start of the year compared to the casinos, so the 1 year charts are similar (both down about two-thirds from a year ago).
If IGT starts to move up in tandem again with the casinos, it could be a sign that there's a real move up here and not just making up for January and February losses.
Originally published in RealMoney.com on 4/22/2009 4:01 PM EDT
