Bally Technologies (BYI) Gaps Higher on Solid Earnings

Wall Street is loving Bally Technologies (NYSE: BYI) earnings, released this morning before the market opened. The Company reported Q1 EPS of $0.37, topping the consensus of $0.27 by 10 cents. Revenues came in at $189 million, and were also better than the consensus of $180.7 million. Bally also gave guidance that was better than the Street estimate: FY08 EPS of $1.55-$1.85, or $1.70-$2.00 adjusted, versus the consensus of $1.41.

Shares of Bally Tech gapped higher, surging by 10% on the extremely positive earnings news. Bally's stock price is now trading around a new 52-week high of $48.95 set today and is feeling unusually high trading volume. By 10 a.m., Bally Tech stock has already traded hands about 600,000 times, compared to average daily volume of 676,000. At this rate, Bally will trade about 11 times more today than on an average day.

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