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News Breaks
June 24, 2014
11:03 EDTMGM, WYNN, CZRMassachusetts allows ballot measure on casino-law reverse, WSJ says
The Massachusetts Supreme Judicial Court is allowing a ballot measure this fall that will allow a vote on whether to overturn a state gambling law that allows up to three resort-style casinos and one slots-only parlor. Publicly traded companies in the space include MGM Resorts International (MGM),Caesars Entertainment Corporation (CZR), and Wynn Resorts Ltd. (WYNN). Reference Link
News For MGM;CZR;WYNN From The Last 14 Days
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July 22, 2015
19:02 EDTWYNN, MGMOn The Fly: After Hours Movers
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16:27 EDTCZROn The Fly: Top stock stories for Wednesday
Stocks began the session in negative territory and remained there throughout the day. Uninspiring earnings reports from Apple (AAPL) and Microsoft (MSFT) were enough to push the Nasdaq lower and the rest of the market followed. There was good news on the housing sector, with both existing home sales and a housing market index coming in with good data, but it was not enough to overcome the tech selloff. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: Shares of Apple dropped $5.79, or 4.43%, to $124.96 after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. A number of suppliers to Apple declined in tandem with the tech giant. Skyworks Solutions (SWKS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report... Microsoft declined $1.88, or 3.97%, to $45.40 after reporting its Q4 Devices and Consumer revenue declined 13% and its Windows OEM revenue decreased 22% as revenue was impacted by PC market declines following the XP end-of-support refresh cycle. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose $5.84, or 10.14% to $63.42 after St. Jude Medical (STJ) announced an agreement to acquire the company for $63.50 per share in a transaction valued at $3.4B. Shares of St. Jude, meanwhile, edged down by 4c to $76.67. Also higher following earnings reports were shares of Intuitive Surgical (ISRG) and Chipotle Mexican Grill (CMG), advancing about 8.5% and 7.8%, respectively. Among the noteworthy losers was Caesars Entertainment (CZR), which dropped $3.26, or 40.65%, to $4.76 following reports that a judge ruled the company must face certain creditor lawsuits that could force a bankruptcy. Caesars Acquisition (CACQ) also dipped after the news, falling $1.13, or 14.52%, to $6.65. Also lower was XOMA (XOMA), which plummeted $3.46, or 78.61%, to 94c and saw downgrades at numerous research firms after the company's Phase 3 gevokizumab study did not meet its primary endpoint. INDEXES: The Dow fell 65.60, or 0.37%, to 17,853.69, the Nasdaq lost 36.35, or 0.7%, to 5,171.77, and the S&P 500 declined 5.06, or 0.24%, to 2,114.15.
15:09 EDTCZRBankruptcy judge rules Caesar's must face suits, Bloomberg reports
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14:56 EDTCZRJudge won't halt creditor lawsuits against Caesar's parent, WSJ reports
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14:51 EDTCZRCaesar's halted for circuit breaker after falling to $6.31
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14:01 EDTCZRCaesar's July weekly 7 straddle priced for 33% movement into court ruling
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14:01 EDTCZRCaesar's July weekly volatility spikes to 490 into court ruling
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12:04 EDTCZRCaesar's volatility spikes into court ruling
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July 21, 2015
16:28 EDTCZROn The Fly: Top stock stories for Tuesday
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12:21 EDTCZROn The Fly: Top stock stories at midday
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05:07 EDTCZRCaesar's, CEOC, reach agreement with group of second lien noteholders
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July 19, 2015
13:47 EDTWYNNWynn Resorts could be 'long-term winner' if Macau improves, Barron's says
Shares of Wynn Resorts look "potentially cheap" ahead of a possible recovery in Macau gambling, Barron's contends in a 'Trader Extra' column. The publication calls Wynn "one of the best-managed companies in the sector," and though Macau could worsen, "stabilization by next year" is the more likely outcome, says Barron's. Reference Link
July 15, 2015
09:05 EDTMGMMGM Resorts launches plans for 5,000-seat theater at Monte Carlo
MGM Resorts announced plans for an approximately 5,000-seat theater at Monte Carlo Resort and Casino on the west side of the Las Vegas Strip. While The Park and Arena are expected to open in April 2016, the Monte Carlo theater is projected to host its first act at the end of 2016.
08:26 EDTMGMMGM Resorts shares undervalued, says Stifel
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July 14, 2015
14:00 EDTWYNN, MGM, CZRNew Jersey reports Atlantic City gaming win down 8.2% to $216.5M in June
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12:37 EDTCZROptions with increasing volume Micron
Options with increasing volume: GGP WMC KSU A WY TCK JKS EMC DHR AMJ CZR MU
12:32 EDTMGMMGM Resorts initiated with a Buy at Gabelli
Target $25.
July 13, 2015
15:26 EDTWYNN, MGMMacau casino operators rise as government hints at softened smoking stance
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12:19 EDTWYNN, MGMOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after a last minute deal was struck to provide new aid to Greece and hopefully prevent its exit from the eurozone currency union. With Greece apparently off the table as a risk for the time being, investors will now be looking forward to the earnings season, which will begin in earnest this week, beginning with reports from some big banks and a number of tech giants. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for up to $95B of financial assistance. The summit pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until Wednesday, at least. In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. In the U.S., the monthly budget statement for June is due at 2 pm EDT. COMPANY NEWS: Shares of Marathon Petroleum (MPC) advanced nearly 9% after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a unit-for-unit transaction plus a one-time cash payment to MarkWest unitholders. The deal implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B, as of the close of trading on July 10. MarkWest surged over 11.5% higher after the news, while MPLX units slid 16%. MAJOR MOVERS: Among the notable gainers was Anacor Pharmaceuticals (ANAC), which jumped 56% after the company announced preliminary top-line results from its Phase 3 studies of its non-steroidal topical anti-inflammatory treatment of mild-to-moderate atopic dermatitis in children and adults. In two studies, crisaborole achieved statistically significant results on all primary and secondary endpoints and Wedbush raised Anacor's price target to $190 afterward, saying it sees the drug's sales reaching $2B in 2020. Also higher was Wynn Resorts (WYNN), which was among the Macau levered stocks that advanced after Macau Business indicated that an official in the territory said the government there might let casinos keep their smoking rooms. Among the noteworthy losers was Ascena Retail (ASNA), which dropped 15% after cutting its fiscal 2015 earnings guidance, citing its recent decision to accelerate its planned merchandise transition at Justice and to incorporate lower than expected top-line performance at Justice and dressbarn. Also lower were shares of Windstream (WIN), which fell 6% after UBS downgraded the stock to sell, saying the company's declining revenue and EBITDA trends will continue to weigh on shares. The firm cut its price target on the stock to $5 from $11.50. INDEXES: Near midday, the Dow was up 187.10, or 1.05%, to 17,947.51, the Nasdaq was up 66.37, or 1.33%, to 5,064.07, and the S&P 500 was up 18.92, or 0.91%, to 2,095.54.
07:46 EDTWYNN, MGMMacau government may soften casino smoking ban, Macau Business says
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