Inter Game Tech (NYSE: IGT)
Inter Game Tech was off to an incredibly strong start in the market today. As soon as the opening bell rang, the stock started climbing upward, and it looked like it was going to continue on that path throughout the day. However, minutes ago, things changed as the stock started taking a drastic dive. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to IGT ahead.
What We’re Seeing From IGT
As mentioned above, Inter Game Tech was off to what seemed to be a strong start in the market today. The stock started climbing immediately when the opening bell sounded. Throughout the morning, we saw a continuation of gains. Nonetheless, minutes ago, we saw a big reversal of direction, quickly bringing the stock down into the red. At the moment (10:28), IGT is trading at $24.09 per share after a loss of $0.22 per share or 0.90% thus far today.
Why The Stock Is Falling
As usual, the CNA Finance team was notified by Trade Ideas at the beginning of the run. As soon as we received the notification, the team started digging to see why IGT was falling apart. It didn’t take long to dig up the story. The losses seem to be the result of an investigation into the Lottery business.
Minutes ago, it was announced that there was an investigation started in the lottery business in Illinois. The investigation is looking into claims that lottery systems are scamming consumers. Some believe that this investigation will actually uncover a nation-wide scam. As a result, Inter Game Tech is taking a dive.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IGT. In particular, we’ll be watching the Illinois investigation closely to see if there is indeed a scam taking place. If so, this could just be the tip of the iceberg with regard to the declines. Nonetheless, we’ll watch the news closely and bring it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Wikimedia]