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Stock Market & Financial Investment News

News Breaks
March 11, 2014
12:28 EDTMCRI, PENN, ISLE, BYD, DDE, PNKCasino 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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January 30, 2015
09:33 EDTBYD, PENNNevada reports December Statewide gaming win down 8.1% to $950.69M
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08:10 EDTPENNPenn National price target raised to $19 from $15 at Stifel
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January 29, 2015
08:19 EDTDDEDover Downs reports Q4 EPS (2c) vs. (1c) last year
Reports Q4 revenue $45.71M, vs. $46.59M for the fourth quarter of 2013.
07:17 EDTPENNPenn National sees 2015 EPS 46c, consensus 42c
Sees 2015 revenue $2.74B, consensus $2.72B.
07:17 EDTPENNPenn National sees Q1 EPS 10c, consensus 9c
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07:16 EDTPENNPenn National reports Q4 EPS with charges ($3.18)
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January 26, 2015
08:41 EDTPENNRegional gaming outlook has improved, says Wells Fargo
Wells Fargo is more upbeat on regional gaming stocks, citing improving same-store trends within the sector, significantly lower gas prices which the firm thinks could boost regional gaming companies, and a slowdown in supply growth within the sector. The firm also cited improving casual dining trends, which it says are highly correlated with regional gaming trends, as a reason for its increased optimism. It keeps Outperform ratings on Churchill Downs (CHDN), Gaming and Leisure (GLPI), and Penn National (PENN).
January 21, 2015
07:19 EDTPENNPenn National long trade in 'early innings,' says Deutsche Bank
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