CNBC’s Cramer Says to Get Your Money Out of IGT

Written by:
Aaron Goldstein
Published on:
May/14/2014
CNBC’s Cramer Says to Get Your Money Out of IGT

In Wednesday’s lightning round, CNBC’s popular stock analyst Jim Cramer offered his advise on slot maker International Game Technology:

“Online gambling isn't taking off and there aren't a lot of new casinos being built,” said Cramer. “Therefore, I think there are better places to put money.”

IGT is the same company that was embroiled in a nasty hostile takeover attempt last year.  Stocks started off the year on shaky ground after a decent performance throughout the second half of 2013.  The price continues to fall.

Cramer may be wrong here.

The reason:  A handful of states are looking to construct new casinos including Massachusetts and New York.  Online gambling is moving at a much slower pace, one can certainly argue.

And who are we to doubt Kramer?

IGT closed at 12.48 on Wednesday, down nearly 2%.

- Aaron Goldstein, Gambling911.com

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