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Stock Market & Financial Investment News

News Breaks
May 2, 2014
10:27 EDTMPEL, WYNN, MGM, LVSWynn Resorts climbs after results beat expectations
Shares of Wynn (WYNN) and other casino owners are advancing after Wynn reported stronger than expected results last night. WHAT'S NEW: Wynn reported first quarter earnings per share, excluding certain items, of $2.32, versus analysts' consensus estimate of $2.07. The company's revenue was also higher than expected. Wynn stated that revenue from its operations on the Chinese peninsula of Macau had surged 14% to $1.13B in Q1 versus the year ago period. Wynn's revenue from Las Vegas dropped 1.5% from year ago levels, but the occupancy of its hotels in the city jumped 12.6%, while revenue per available room rose 12.7%. However, its gambling winning rate in the city declined. ANALYST REACTION: In a note to investors earlier today, research firm Sterne Agee responded to the company's results by upgrading the stock to Buy from Neutral. The stock had dropped 17% from its 52-week highs as of yesterday's close on worries about demand in Macau, but these worries are mostly unfounded, Sterne Agee analyst David Bain wrote. The company is poised to see its earnings before interest taxes depreciation and amortization, or EBITDA, on Macau more than double after it opens up a new casino, Wynn Palace, in about 18 months, Bain believes. He thinks that the stock has reached an attractive entry point and has a $260 price target on the shares. PRICE ACTION: In early trading, Wynn jumped 6.8% to $220.75, Las Vegas Sands (LVS) rose 2.2% to $81.12, MGM Resorts (MGM) advanced 3.4% to $26.26, and Melco Crown (MPEL) gained 6.6% to $36.62.
News For WYNN;LVS;MGM;MPEL From The Last 14 Days
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April 17, 2015
16:11 EDTLVSOptions Update; April 17, 2015
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05:06 EDTWYNNSteve Wynn responds to press release by Elaine Wynn
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April 16, 2015
15:10 EDTWYNNWynn CEO Steve Wynn publicly supports Elaine Wynn's board re-election
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09:05 EDTWYNNBofA/Merrill gaming analysts hold an analyst/industry conference call
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April 15, 2015
10:00 EDTMPELOn The Fly: Analyst Downgrade Summary
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06:49 EDTMPELMelco Crown downgraded to Reduce from Hold at BNP Paribas
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05:37 EDTMPELMelco Crown downgraded to Equal Weight from Overweight at Barclays
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April 14, 2015
15:03 EDTLVSLas Vegas Sands April weekly volatility elevated into Q1 and outlook
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14:53 EDTWYNNWynn Resorts April weekly volatility elevated into Q1 and outlook
Wynn Resorts April weekly call option implied volatility is at 35, May is at 34, June is at 33; compared to its 26-week average of 32 according to Track Data, suggesting slightly larger price movement into the expected release of Q1 results in late April.
14:05 EDTMGM, LVS, WYNNNJ Gaming reports March total Win $203.9M vs. $199.3M a year ago
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April 13, 2015
08:07 EDTWYNNAdvisory firm recommends Wynn Resorts stock holders to vote for nominees
Wynn Resorts announced that Glass Lewis & Co., a leading independent proxy advisory firm, has recommended that Wynn Resorts stockholders vote "FOR" ALL of Wynn Resorts' director nominees, John J. Hagenbuch and J. Edward Virtue, on the WHITE proxy card at the Company's Annual Meeting of Stockholders to be held on April 24.
April 9, 2015
09:36 EDTLVSActive equity options trading on open
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08:31 EDTMGMMGM Resorts and Infinity World announce approval of $400M special dividend
MGM Resorts and Infinity World Development announced a special dividend and the adoption of an annual distribution policy by CityCenter Holdings. CityCenter approved a $400M special dividend, which will be paid on or about April 30, 2015. The owners will each receive $200M, representing their pro rata share. In addition, CityCenter has approved the adoption of a regular dividend policy pursuant to which it will make annual distributions of up to 35% of excess cash flow subject to approval by the CityCenter board.
April 6, 2015
05:15 EDTWYNNElaine Wynn recommends holders 'WITHHOLD' their votes for company nominees
Elaine Wynn, co-founder, board member and third-largest stockholder of Wynn Resorts, commented on the recommendation from Institutional Shareholder Service, or ISS, that Wynn stockholders WITHHOLD their vote for management's nominees for the Wynn Resorts board at the upcoming 2015 Annual Meeting. In response, Elaine Wynn has issued the following statement: "I believe the stockholders of Wynn Resorts deserve better than the choices presented to them by the company this proxy season, and the only way to achieve meaningful value creation for my fellow stockholders is to vote the GOLD card FOR my reelection at the upcoming Annual Meeting. The ISS report raises a number of important concerns about the performance of the board. I firmly believe my judgment, considerable experience, important diversity and willingness to challenge the status quo makes me the best positioned candidate to guard and grow stockholders' interest and identify additional diverse candidates with independent voices, As the third largest stockholder, my interests inextricably align with my fellow stockholders, giving me a unique perspective on protecting and increasing the value of our collective investment in the future. The company, by contrast, continues to disseminate comments designed to obscure the truth, as they did tonight in their statement on the ISS recommendation, and it is my hope that other stockholders recognize my value and vote FOR my reelection using the GOLD proxy card."
05:10 EDTWYNNISS recommends Wynn Resorts holders vote against Elaine Wynn
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