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Stock Market & Financial Investment News

News Breaks
June 3, 2014
09:05 EDTMPELMelco Crown says Studio City project on track for mid-FY15 opening
Melco Crown announced that the development of the company's Studio City project is on track for a mid-FY15 opening. Studio City, the developer of Studio City, increased the Studio City construction budget by approximately $300M, from approximately $2B to approximately $2.3B. The shareholders of SCH have agreed to make available additional equity on a pro rata basis to partially fund such budget increase. It is anticipated that the remaining amount of such budget increase will be paid for out of previously funded equity commitments from such shareholders. The total development cost of the project will continue to be funded by a combination of equity contributions from shareholders, proceeds from the Studio City senior notes and project loan.
News For MPEL From The Last 14 Days
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August 7, 2014
09:08 EDTMPELOn The Fly: Pre-market Movers
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08:58 EDTMPELMelco Crown announces $500M share repurchase program
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08:58 EDTMPELMelco Crown reports Taiwan branch office indicted for alleged banking violations
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08:25 EDTMPELMelco Crown reports Q2 EPS 26c, consensus 36c
Reports Q2 revenue $1.19B, consensus $1.3B.
August 6, 2014
15:18 EDTMPELMelco Crown technical remarks ahead of earnings
In the prior three months the shares have broadly underperformed the broader averages, falling over 16% including today's drop in price. The move today has put the shares right at the $30 area, which is critical for the longer-view technical health of the shares. While there has been a sharp decline from peak price earlier this year at $45.70, a breakdown below $30 would turn the long-term trend to bearish. If there is negative news, particularly concerning Macau operations where the company is heavily focused, the shares could fall further. Next support below $30 would be at $28,74, $26.53, and $25.53 which is the 52-week low. If the news is better than expected, resistance levels to watch as potential upside objectives would be at $31.97, $35.31, and $36.84. There is a minimal short-base in the name which could exacerbate downside in the event that news is more negative than anticipated.

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