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Stock Market & Financial Investment News

News Breaks
March 11, 2014
12:28 EDTBYD, PENN, PNK, ISLE, MCRI, DDECasino 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. Elliott’s filing status allows the fund to seek talks with Boyd’s 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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October 15, 2014
14:10 EDTBYD, PENNPennsylvania reports September gaming revenue down 2.2% to $239.5M
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14:06 EDTBYD, PENNAtlantic City reports September gaming win down 12.8% to $209.4M
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October 13, 2014
10:02 EDTPENNPenn National exceeds construction diversity vendor goals of Plainridge Casino
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October 10, 2014
10:49 EDTBYDHigh option volume stocks
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