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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.
News For MPEL From The Last 14 Days
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October 7, 2015
12:08 EDTMPELOptions with increasing volume
Options with increasing volume; SUNE ADBE NUS MPEL PPC ADBE TSM NOG PNR GPN YUM
12:07 EDTMPELMacau names rise amid optimism on Golden Week gaming
After conducting channel checks, research firm Bernstein wrote that Macau casinos have seen "relatively strong" trends during the first week of October, which coincided with the beginning of China's Golden Week holiday. Noting that government officials have recently said that they would seek to boost the region's economy, Bernstein was cautious about the impact of stimulus on the casinos, but added that the impact of the government's steps could exceed investors' expectations. WHAT'S NEW: The average daily revenue, or ADR, in Macau from October 1-October 5, which coincided with the beginning of China's Golden Week holiday, jumped about 49%-58% versus the September average daily revenue figure, according to Bernstein analyst Simon Zhang. The ADR from both VIP and non-VIP gamblers jumped significantly, the analyst noted. However, the rally in the casinos' stocks will not continue unless they post solid results for the rest of the month, Zhang believes. Meanwhile, the analyst noted that several high-ranking government officials recently said that Beijing would take steps to aid Macau. Zhang warned that past statements of support by government officials have not always translated to improved results for the casinos, but added that enhanced government support could positively surprise investors. Beijing may relax its enforcement of transit visas and take other steps that would enable more people to visit Macau, believes Zhang, who kept an Outperform rating on Melco Crown (MPEL). Other casino operators with a significant presence in Macau include Las Vegas Sands (LVS), Wynn Resorts (WYNN) and MGM Resorts (MGM). PRICE ACTION: In midday trading, Melco Crown jumped 6% to $18.30, Wynn Resorts gained 6% to $72, Las Vegas Sands added 1% to $45.30 and MGM rose 0.6% to $20.56.
08:31 EDTMPELMacau Golden Week results positive, says Bernstein
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October 6, 2015
10:00 EDTMPELOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Communications Sales & Leasing (CSAL) upgraded to Overweight at Morgan Stanley... FedEx (FDX) upgraded on upcoming positive catalysts at Stifel... Mediaset (MDIUY) upgraded to Buy from Hold at HSBC... Melco Crown (MPEL) upgraded to Hold from Sell at Deutsche Bank... NuVasive (NUVA) upgraded to Buy at Canaccord... SJM Holdings (SJMHY) upgraded to Hold from Sell at Deutsche Bank... Select Medical (SEM) upgraded on expected EBITDA jump at Wells Fargo... Smart & Final Stores (SFS) upgraded to Overweight from Equal Weight at Barclays... Springleaf (LEAF) upgraded to Outperform from Market Perform at Keefe Bruyette... Tanger Factory (SKT) upgraded to Neutral from Underperform at BofA/Merrill.
06:28 EDTMPELMelco Crown upgraded to Hold from Sell at Deutsche Bank
Deutsche Bank upgraded Melco Crown to Hold with a $16 price target saying Cotai operators will benefit from supporitve government policies.
October 5, 2015
14:12 EDTMPELMelco Crown upgraded to Neutral at JPMorgan
JPMorgan analyst DS Kim acknowledges that Macau's gaming industry "might not be out of the woods yet", but with mass demand finally recovering, Kim believes stocks levered to Macau have reached an inflection point and said now is the time to start building positions. Kim upgraded Melco (MPEL) to Neutral from Underweight, stating that "a rising tide" may lift all boats, but identified Galaxy and Sands China (SCHYY) as the firm's favorite names in the space. The firm also upgraded Wynn Macau (WYNMF) two notches to Overweight from Underweight.
14:03 EDTMPELMelco Crown upgraded to Neutral from Underweight at JPMorgan
October 2, 2015
16:46 EDTMPELStocks end week higher after Friday reversal following disappointing jobs data
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
16:27 EDTMPELOn The Fly: Top stock stories for Friday
Stocks on Wall Street were lower at the open after the government's monthly jobs report showed fewer people than expected were hired last month and average hourly wages did not increase. However, the major indexes gathered themselves and began drifting higher, crossing back into the green in early afternoon trading. Before this morning, many investors expected that the Federal Reserve would start raising interest rates before the end of the year, but the jobs data for September has certainly raised doubts in that regard. ECONOMIC EVENTS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Baker Hughes said that the U.S. rig count fell by 29 total rigs from last week to 809. COMPANY NEWS: Shares of big banks were underperformers after the jobs report cast doubt on how soon the Fed will begin raising interest rates. Shares of Wells Fargo (WFC) slid 0.32%, JPMorgan (JPM) dropped 0.21% and Bank of America declined 1.09%... Two of the nation's big four wireless carriers were in the news after Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS) and The Wall Street Journal reported that Sprint (S) plans to eliminate as much as $2.5B in costs and make job cuts over the next six months. MAJOR MOVERS: Among the notable gainers was Wynn Resorts (WYNN), which surged 22.73% to $63.47 following reports that the Chinese government may provide economic support to the gaming center Macau, where Wynn and several peers operate casinos. Shares of Las Vegas Sands (LVS) gained 10.52%, MGM Resorts (MGM) rose 6% and Melco Crown (MPEL) advanced 13.88% after the news as well. Among the noteworthy losers was Amicus Therapeutics (FOLD), which dropped 53.53% to $6.39 after the company said it is unlikely to submit a New Drug Application for its Fabry disease treatment to the FDA by the end of the year. Also lower were shares of backup generator maker Generac (GNRC), which fell 5.18% to $27.62 after weather forecasters' latest models predicted that Hurricane Joaquin may stay offshore and not make landfall along the East Coast of the U.S. INDEXES: The Dow rose 200.36, or 1.23%, to 16,472.37, the Nasdaq gained 80.69, or 1.74%, to 4,707.77, and the S&P 500 advanced 27.54, or 1.43%, to 1,951.36.
12:25 EDTMPELMacau casino shares rally on report of possible government aid
Shares of Macau casino operators rallied after the government of Macau reported September revenue in line with forecasts and amid reports that the Chinese government may provide economic support to the city. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Crown (MPEL) and Wynn Resorts (WYNN). WHAT'S NEW: According to the Macau government website, gaming sector revenue for the month of September was down 33% year-over-year to 17.13B patacas, marking the 16th straight month of decline. Through September, Macau gaming revenue is down 36.2% compared to the first nine months of 2014. WHAT'S NOTABLE: Macau Chief Executive Officer Fernando Chui said that the government will pay "close attention" to gaming revenues in September and the fourth quarter and that he would reconsider any "non-essential" spending during a time of gaming industry consolidation. Chui previously said the city plans to announce a new tourism strategy "soon" to attract more visitors. In addition, Beijing plans to introduce additional policies this year to support Macau amid an economic adjustment, Bloomberg reports, citing local Macau broadcaster Teledifusao de Macao. According to Li Gang, director of the Chinese government's local liaison office in Macau, the report says Beijing might clarify the city's jurisdiction over certain land and sea waters, which may lead to the city having more space for development, and the government is also looking into how to increase the city's tourism. ANALYST OPINION: Any potential measures to help Macau's visitation "could be a great boon for the industry," Bloomberg cited JPMorgan analyst DS Kim as saying. PRICE ACTION: At midday, Las Vegas Sands was up 8.27 to $40.04, MGM Resorts rose 4.23% to $19.45, Wynn Resorts rallied 17.27% to $60.64, and Melco Crown jumped 10.13% to $15.00.
07:41 EDTMPELChina reported to mull new support for Macau, Bloomberg says
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07:35 EDTMPELMacau reports September casino revenue down 33% to 17.13B patacas
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September 30, 2015
07:42 EDTMPELMacau casinos have new concern with junket embezzlement scandal, WSJ says
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September 29, 2015
09:19 EDTMPELDeutsche Bank to hold a conference
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