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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of gaming device specialist Shuffle Master (Nasdaq: SHFL ) climbed 11% in intraday trading Thursday after appointing Gavin Isaacs as its new CEO, effective April 1.
So what: The move finally fills the hole left by Timothy Parrott, Shuffle Master's previous CEO, who resigned due to medical reasons almost one year ago. Judging from Mr. Market's positive reaction, Isaacs' 12 years of industry experience -- the last six of which were spent as Vice President and COO of larger rival Bally Technologies (NYSE: BYI ) -- should serve Shuffle Master particularly well.
Now what: Don't let today's rally scare you away from Shuffle Master. While the company isn't growing at the breakneck pace it once did, its core earnings have risen steadily over the past few quarters, giving Isaacs some nice momentum to begin work with. At a price-to-free cash flow under 12, Shuffle Master seems worth the gamble.
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