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Stock Market & Financial Investment News

News Breaks
March 11, 2014
12:28 EDTISLE, BYD, DDE, PNK, MCRI, PENNCasino operators climb after hedge fund discloses Boyd Gaming stake
The shares of a number of U.S. casino operators focused on properties outside of Las Vegas are rising after a hedge fund announced a significant stake in one of the companies in the sector, Boyd Gaming (BYD). WHAT'S NEW: Hedge fund Elliott Management last night disclosed that it had obtained 4.99% of Boyd's outstanding shares and an additional 2.05% exposure to the stock through derivatives. Elliottís filing status allows the fund to seek talks with Boydís management or its board regarding a variety of strategic alternatives, but the filing said the fund has no present plan or proposal to engage management. ANALYST REACTION: In a note to investors earlier today, research firm Janney Capital called Boyd Gaming shares expensive. The company is unlikely to be sold for much above its current share price, given the stock's high valuation, wrote the firm, which has a $9 price target and Neutral rating on the stock. WHAT'S NOTABLE: Companies that own U.S. casinos outside of Las Vegas have reported largely disappointing results in recent weeks, with Pinnacle Entertainment (PNK) and Isle of Capri (ISLE) announcing results that missed expectations. Meanwhile, Penn National (PENN) reported lower than expected fourth quarter revenue and provided weaker than expected first quarter guidance last month. Separately, well-known investor Leon Cooperman disclosed on February 25 that he had sold his stake in Penn National last quarter. Another in the space, Monarch Casino (MCRI), reported higher than expected revenue but profits that came in below analysts' consensus estimate. PRICE ACTION: In early afternoon trading, Pinnacle Entertainment jumped 5.4% to $25.60, Isle of Capri advanced 2.5% to $8.72, Dover Downs Gaming (DDE) climbed 1.9% to $1.58, and Boyd Gaming jumped 18% to $13.90. Bucking the trend, Penn National slid 0.9% to $12.77 and Monarch Casino dropped 1.5% to $18.95.
News For BYD;PENN;PNK;ISLE;MCRI;DDE From The Last 14 Days
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May 20, 2015
08:37 EDTBYD, PENNMorgan Stanley to hold a conference
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May 18, 2015
15:31 EDTPENNPenn National management to meet with JPMorgan
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10:01 EDTPENNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: A10 Networks (ATEN) upgraded to Overweight from Sector Weight at Pacific Crest... Cal-Maine Foods (CALM) upgraded to Overweight from Equal Weight at Stephens... ChemoCentryx (CCXI) upgraded to Overweight from Neutral at JPMorgan... Cheniere Energy Partners LP (CQP) upgraded to Buy from Neutral at Goldman... Chicago Bridge & Iron (CBI) upgraded to Neutral from Sell at Goldman... Continental Resources (CLR) upgraded to Buy from Neutral at Goldman... Ctrip.com (CTRP) upgraded to Overweight from Neutral at JPMorgan... Emerge Energy (EMES) upgraded to Buy from Neutral at Goldman... FEMSA (FMX) upgraded to Overweight from Equal Weight at Morgan Stanley... GoPro (GPRO) upgraded to Perform from Underperform at Oppenheimer... Holly Energy (HEP) upgraded to Buy from Neutral at Goldman... JP Energy (JPEP) upgraded on better visibility on volumes at RBC Capital... Laredo Petroleum (LPI) upgraded to Neutral from Sell at Goldman... Malvern Bancorp (MLVF) upgraded to Outperform from Market Perform at Keefe Bruyette... Newfield Exploration (NFX) upgraded to Buy from Neutral at Goldman... Norsk Hydro (NHYDY) upgraded to Overweight from Neutral at JPMorgan... Owens-Illinois (OI) upgraded to Neutral from Underperform at BofA/Merrill... Penn National (PENN) upgraded to Buy from Neutral at Goldman... Roche (RHHBY) upgraded to Buy from Neutral at UBS... Schnitzer Steel (SCHN) upgraded on stabilizing headwinds at KeyBanc... Seventy Seven Energy (SSE) upgraded to Buy from Hold at Jefferies... Toll Brothers (TOL) upgraded to Neutral from Underperform at Sterne Agee CRT... United Therapeutics (UTHR) upgraded to Buy from Neutral at BTIG... Volvo (VOLVY) upgraded to Neutral from Underweight at JPMorgan... Zayo Group (ZAYO) upgraded to Buy from Neutral at Goldman.
07:39 EDTPENNPenn National upgraded to Buy from Neutral at Goldman
Goldman upgraded Penn National to Buy and raised its price target to $21 from $16. The firm expects new capacity, the Plainridge and Jamul projects, and the recently purchased Tropicana to drive EBITDA growth and multiple expansion.
May 13, 2015
14:32 EDTPNKISS recommends Pinnacle shareholders vote for six proposals protecting rights
UNITE HERE announced that proxy advisory firm Institutional Shareholder Services recommends shareholders of Pinnacle Entertainment (PNK) support six shareholder proposals aiming to protect shareholder rights in the event of a spin-off. The proposals address shareholder rights at any spin-off company, including managementís proposal to spin-off real estate assets into a new REIT, or Gaming and Leisure Propertiesí (GLPI) alternative plan to spin-off an operating company and then acquire the remaining real estate assets. UNITE HERE submitted the package of corporate governance proposals for the May 19 Annual Meeting.
May 12, 2015
08:09 EDTPENNDeutsche positive on Penn National after management meetings
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07:50 EDTPENN, MCRI, BYDWells Fargo to hold a conference
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May 11, 2015
08:36 EDTPNKPinnacle deal a significant catalyst for Gaming and Leisure, says Susquehanna
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