Bally Technologies (BYI) NewsBite - Bally Tech Profit Surges 69%

Aug 21, 2008 (Fresh Brewed Media via COMTEX) -- BYI | Quote | Chart | News | PowerRating -- Bally Technologies (NYSE: BYI | Quote | Chart | News | PowerRating) opened at $33.01. So far today, the stock has hit a low of $32.13 and a high of $34.17. BYI is now trading at $34.16, up $2.83 (9.03%). The stock hit its 52-Week high of $52.83 in December and set its 52-Week low of $25.01 in July. Casino equipment maker Bally Technologies posted yesterday evening fourth quarter profit that rose 69% to $31.3 million, citing more customers and its increased presence in gambling casinos. The company posted earnings of 54 cents per share on sales of $247.4 million, while analysts expected profit of 53 cents per share on revenue of $243.8 million. Technical indicators for the stock are neutral and S&P gives BYI a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BYI the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 25 range.

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