Seeking Alpha

World Market Media's  Instablog

World Market Media
Send Message
GLX - The Global Listing Exchange is a social finance portal to the world’s capital markets. GLX organizes all of the necessary fundamental information and bridges the world’s investment communities giving every member the power to connect, transact and profit.
My company:
World Market Media
My blog:
Straight Talk On SmallCap
  • PokerTek Makes Big Move - (NASDAQ: PTEK) 0 comments
    Apr 7, 2010 3:36 PM | about stocks: PTEK
    PokerTek, Inc. (NASDAQ: PTEK) has been trading on the upside all day long getting as high as $0.82 a 60%+ premium from yesterday’s close. The stock is also seeing real volume with more than 630k shares being traded.

    Almost 2 weeks ago the company announced that it has signed a contract with CIE (Corporacion Interamericana de Entretenimiento) to be their provider of automated poker tables.  The deal also includes the placement of PokerPro tables into many of their gaming properties. 
    This contract was important because CIE is one of the largest gaming operators in Mexico and has more than 50 properties throughout the country. The first tables were installed at CIE's largest property, Royal Yak at Hipodromo de Las Americas in Mexico City, more will be built in upcoming months 

    I can only guess that this huge spike in stock price has some correlation with this major contract in Mexico. CIE is a prestigious operator and a leading producer of live entertainment in Latin America.  For them to team up with PTEK is a credit to the PokerTek brand. When the news first came out the stock remained flat, so perhaps investors were skeptical on the news waiting to see the popularity of the newly installed tables.

    More tables will be going up in high traffic tourist areas such as Cancun, with the summer fast approaching it is vital for CIEto promptly implement the new tables. All of this is good news for PokerTek and today’s massive upside move could be an indicator of things to come as this deal continues to unfold.

    We will keep an eye on any press releases but for now it seems the CIE contract will be the catalyst for this stock moving forward. Lets also remember during the company's last conference call it said that their strategic planning would start to come to fruition during 2010.

    Disclosure: no position
    Stocks: PTEK
Back To World Market Media's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.