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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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February 26, 2015
10:00 EDTISLEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ASUR Airports (ASR) upgraded to Sector Perform from Underperform at Scotia Capital... AcelRx (ACRX) upgraded to Buy from Neutral at Mizuho... AllianceBernstein (AB) upgraded to Buy from Neutral at BofA/Merrill... American Express (AXP) upgraded to Buy from Hold at Deutsche Bank... Argus upgraded Sonoco (SON) on multiple positive catalysts... Columbia Property (CXP) upgraded to Neutral from Sell at Goldman... Deutsche sees American Express (AXP) as undervalued, upgrades to Buy... Eldorado Gold (EGO) upgraded to Neutral from Sell at Goldman... Genesee & Wyoming (GWR) upgraded to Buy from Neutral at BofA/Merrill... Gruma (GMK) upgraded to Overweight from Equal Weight at Barclays... Isle of Capri (ISLE) upgraded to Outperform from Neutral at Macquarie... JAKKS Pacific (JAKK) upgraded at B. Riley... QTS Realty Trust (QTS) upgraded to Buy from Hold at Deutsche Bank... Sonoco (SON) upgraded to Buy from Hold at Argus... T-Mobile (TMUS) upgraded to Buy from Neutral at Citigroup... Vulcan Materials (VMC) upgraded at RBC Capital.
06:35 EDTISLEIsle of Capri upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded Isle of Capri to Outperform following the better the "impressive" Q4 report. The firm said Isle of Capri's changes in operational focus, corporate realignment, and property capex have resulted in solid revenue growth and improved satisfaction gains. Price target raised to $15 from $10.
February 25, 2015
16:22 EDTMCRIMonarch Casino reports Q4 EPS 22c, consensus 14c
Reports Q4 revenue $45.9M, consensus $44.6M.
08:34 EDTISLEIsle of Capri reports Q4 adjusted EPS 13c, consensus 0c
Reports Q4 revenue $241.06M, consensus $232.75M
February 24, 2015
07:30 EDTPENNJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 24 at 7:40 am; not all company presentations may be webcasted. Webcast Link
February 23, 2015
09:59 EDTPENNOn The Fly: Analyst Upgrade Summary
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07:08 EDTPENNPenn National upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded Penn National to Buy from Neutral. The firm views Penn National as the regional stock to own for a segment recovery and notes January 2015 gross gaming revenues had the biggest increase since 2006 and February is tracking strong. This, and improving low end consumer commentary at other operators and easy comps, makes risk-reward more favorable. Price target raised to $20 from $17.
06:22 EDTPENNPenn National upgraded to Buy from Neutral at BofA/Merrill
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February 20, 2015
10:30 EDTBYDOptions with decreasing implied volatility
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