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Stock Market & Financial Investment News

News Breaks
January 11, 2013
10:42 EDTMPELTaiwan probes illegal money transfers for use in Macau casinos
Taiwanese prosecutors in the Taipei district said yesterday they were investigating an unnamed firm they suspected of circumventing forex rules to carry out huge money transfers for use in Macau casinos, according to report from Macaubusiness.com, citing the AFP. Prosecutors declined to identify the firm, but Wells Fargo said in a note to investors this morning that press reports suggest MCE International, a subsidiary of Melco Crown (MPEL), may be one company in question. Wells analyst Cameron McKnight said any weakness in Melco shares following the news of the investigation would present a buying opportunity, as the probe may not be may not be specific to gaming or to Melco Crown. McKnight said Melco may report strong Q4 results when it announces earnings in early February and kept an Outperform rating on shares. Melco Crown declined 36c, or about 1.9%, to $18.70 in morning trading.
News For MPEL From The Last 14 Days
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October 13, 2014
06:32 EDTMPELMelco Crown shares could rally $10 on Osaka win, says Citigroup
Citigroup estimates shares of Melco Crown could rally up to $10 should the company win a gaming license in Osaka, Japan. Citi expects the gaming bill in Japan to be passed in November, and notes Melco is a major candidate in Osaka. The firm believes the upcoming opening of City of Dreams Manila will be a "game changer" to the Philippines gaming market. It lowered its price target for shares to $43 from $46 and keeps a Buy rating on the name.

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