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Stock Market & Financial Investment News

News Breaks
February 26, 2013
18:44 EDTBYD, PENN, LVS, GLUU, CZR, HOT, IGT, WYNN, MGM, ZNGANJ governor Christie signs Internet gaming bill into law
New Jersey governor Chris Christie signed into law a bill allowing Internet gaming in the state, permitting operators of Atlantic City casinos to begin taking bets online. Gov. Christie released a statement after signing the bill, saying the bill offers a, "new opportunity to bolster [the state's] efforts to continue the revival of Atlantic City," adding that the state is, "offering a responsible yet exciting option that will make Atlantic City more competitive while also bringing financial benefits to New Jersey as a whole." Reference Link
News For ZNGA;IGT;GLUU;MGM;HOT;LVS;WYNN;CZR;BYD;PENN From The Last 14 Days
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June 22, 2015
09:20 EDTIGTInternational Game initiated with a Buy at BofA/Merrill
Target $24.
08:19 EDTHOTThe Luxury Collection invests $300M to grow North America portfolio
The Luxury Collection announced, in coordination with its owner partners, a $300M effort to expand and improve its hotel portfolio in North America. Part of Starwood Hotels & Resorts, The Luxury Collection is investing in marquee hotel conversions and landmark renovations in diverse U.S. destinations, including Key West, Lake Tahoe, San Antonio and San Francisco, as it continues to grow around the world. A milestone year for the brand, The Luxury Collection is on track to surpass 100 hotels in more than 30 countries by the end of 2015.
June 19, 2015
14:13 EDTCZRLeon Cooperman liquidates passive stake in Caesar's
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07:38 EDTMGM, WYNN, PENN, LVSMacau official says monthly revenue could hit four year low, says Wells Fargo
Wells Fargo reports that a Macau official said that the region's gaming revenue may hit the lowest level in over four years this month. The official said that the region's June gambling revenue could be more than 20% below the average for the first five months of this year, the firm added. Wells says that Macau's gaming industry remains challenged, and it remains neutral on the sector. Publicly traded companies in the space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), and Melco Crown (MPEL).
June 17, 2015
09:46 EDTZNGAJefferies to hold company meetings at E3 Expo
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09:00 EDTHOTStarwood commences construction on W, Element dual-branded hotel
Starwood Hotels & Resorts Worldwide announced the commencement of construction for its first-ever W and Element dual-branded hotel development, scheduled to open in the heart of downtown Philadelphia in early 2018. The 295-room W Philadelphia and 460-room Element Philadelphia will occupy a 51 story skyscraper located in the geographic center of the city’s business, arts and retail districts, and directly across from Philadelphia City Hall. Owned by Chestlen Development and developed by Vine Street Matthews Development.
06:09 EDTPENN, IGTInternational Game provides Penn National with content, cabinets
International Game Technology (IGT) announced that it will provide Penn National (PENN) with a wide selection of new IGT content and cabinets, including more than 400 IGT games and the largest placements of the new IGT CrystalDual and S3000 cabinets at any location in the United States to date, for the new Plainridge Park Casino in Plainville, MA.
05:59 EDTMGMStocks with implied volatility movement; MGM CBI
Stocks with implied volatility movement; MGM Resorts (MGM) 35, Chicago Bridge & Iron (CBI) 47 according to iVolatility.
June 16, 2015
16:42 EDTCZRCaesar's responds to lawsuit by trustee for CEOC first-lien noteholders
Caesars Entertainment responded to a suit filed by UMB Bank, the trustee for holders of first lien notes issued by Caesars Entertainment Operating Company, or CEOC. CEC believes that UMB's claim that CEC is obligated to guarantee the first lien notes is without merit. CEC has, however, confirmed at the request of certain of the first lien creditors who are party to the Restructuring Support Agreement, or RSA, that the filing of the UMB Bank lawsuit does not violate the RSA, which remains in force. CEOC is seeking an injunction in the bankruptcy court restraining prosecution of litigation commenced by other CEOC creditors who contend that CEC is required to guarantee CEOC debt. UMB Bank has agreed that it will be bound by the bankruptcy court's decision to the same extent as if CEOC had requested injunctive relief with respect to the UMB lawsuit.
16:24 EDTMGMOn The Fly: Top stock stories for Tuesday
Stocks began the day slightly lower but began to move higher shortly after the open. The market began to drift higher before the noon hour as European markets closed in positive territory. Investors are now looking toward and positioning ahead of the week's big event, namely tomorrow's scheduled policy announcement from the Federal Reserve and the associated press conference by Chairwoman Janet Yellen. ECONOMIC EVENTS: In the U.S., housing starts were down 11.1% to a 1.036M rate in May, versus expectations for a decline of 4%. Building permits were up 11.8% to a 1.275M rate, versus expectations for a decline of 3.5% in May. In Europe, the ZEW index of economic sentiment in Germany plunged to 31.5 this month from a reading of 41.9 in May. COMPANY NEWS: Gap (GPS) held its annual investor meeting today, but made its big news last night prior to the meeting by announcing that it will close about 175 of its namesake brand's stores in North America over the next few years. Gap estimated an annualized sales loss of approximately $300M associated with the closures and sees one-time costs primarily associated with these actions to be in the range of approximately $140M-$160M, the company noted. Gap shares advanced 55c, or 1.44%, to $38.75 following the announcement and meeting... Kirk Kerkorian, the founder of MGM Resorts (MGM) and one of the company's largest shareholders, died Monday night, the company confirmed. Kerkorian owned Tracinda Corporation, a private investment firm that disclosed a 16.19% stake in MGM Resorts and stated that its position in the common stock became subject to the terms of Kerkorian's will upon his death. The will instructs the executor of Kerkorian’s estate, Anthony Mandekic, to execute an orderly disposition of Tracinda’s position in the common stock, the firm stated. MAJOR MOVERS: Among the notable gainers was Coty (COTY), which advanced $5.04, or 19.35%, to $31.09 after The New York Post and Reuters reported that the company had won an auction to buy three Procter & Gamble (PG) beauty businesses valued at $12B. Shares of P&G, meanwhile, added 98c, or 1.25%, to $79.10 following the reports. Also higher were shares of NCR Corp. (NCR), which rose $3.36, or 10.71%, to $34.73 after Reuters reported that private equity firms Blackstone (BX) and Carlyle Group (CG) are planning to jointly bid for the company in a deal that could be worth over $10B, including debt. Among the noteworthy losers was Avalanche Biotechnologies (AAVL), which dropped $21.83, or 56.15%, to $17.05 after the company reported the results of a study of its AVA-101 drug for wet age-related macular degeneration, or wet AMD. Also lower were shares of Oshkosh (OSK), which fell $3.59, or 7.14%, to $46.71 after cutting its FY15 adjusted EPS view to $3.75-$4.00 from $4.00-$4.25, noting that sales and earnings for its third quarter, principally in its access equipment segment, have been hurt by several factors including severe weather conditions, potential rental industry consolidation and, to a lesser extent, new product launch delays. INDEXES: The Dow rose 113.31, or 0.64%, to 17,904.48, the Nasdaq added 25.58, or 0.51%, to 5,055.55, and the S&P 500 gained 11.86, or 0.57%, to 2,096.29.
14:34 EDTMGMTracinda reports MGM Resorts stake subject to terms of Kerkorian will
Tracinda Corporation disclosed a 16.19% stake in MGM Resorts and stated that upon the death of Kirk Kerkorian on June 15, Tracinda’s position in the common stock became subject to the terms of the Kerkorian will. That instrument instructs the executor of Kerkorian’s estate, Anthony Mandekic, to execute an orderly disposition of Tracinda’s position in the common stock. The timing of when Mandekic will be formally appointed as executor is not currently known, Tracinda said, adding that once such appointment has been formalized, Mandekic will be able to implement the directions of the Kerkorian will with respect to the orderly disposition of the common stock. "However, Tracinda continues to believe that there is substantial value in the assets of MGM Resorts and that the company is a good long-term investment," Tracinda stated in the filing.
10:58 EDTLVS, MGMCasino stocks strengthen after report of investor Kerkorian death
10:55 EDTMGMMGM Resorts founder Kerkorian dies at 98, LV Review-Journal reports
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09:47 EDTZNGACapital World reports 10.2% passive stake in Zynga
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09:36 EDTLVSActive equity options trading on open
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08:08 EDTLVS, MGM, WYNNMacau Q2 estimates lowered below consensus at Morgan Stanley
Following a trip to Macau, Morgan Stanley said the market is still far from a turnaround and trends are still weakening. The firm does not expect Q2 to-date GGR results of (36%) to improve, below its prior estimate of (30%), and lowered forecasts. Morgan Stanley's Q2 Macau property-level EBITDA estimate for MGM Resorts (MGM) falls to $121M vs. consensus of $141M, Wynn Resorts (WYNN) lowered to $200M vs. consensus of $210M, and Las Vegas Sands (LVS) drops to $521M vs. consensus of $549M.
07:01 EDTHOTStarwood files Form 10 for planned spinoff of vacation ownership business
Starwood Hotels & Resorts Worldwide announced a key milestone toward the planned spin-off of its vacation ownership business into a separate publicly traded company. Starwood Vacation Ownership, which will be named Vistana Signature Experiences, Inc. upon completion of the spin-off transaction, has filed an initial Form 10 Registration Statement with the SEC. The spin-off will be effected through a pro rata distribution of the new entity’s stock to Starwood stockholders, and is expected to be completed in the fourth quarter of 2015. The spin-off remains subject to the approval of the Board of Directors of Starwood Hotels & Resorts Worldwide, Inc. and the satisfaction of certain other customary conditions, including the effectiveness of the Form 10 Registration Statement. Starwood may, at any time until the closing of the separation, decide to abandon, modify or change the terms of the separation. Starwood has retained Citigroup Global Markets Inc. and Credit Suisse as financial advisers and Latham & Watkins LLP as legal counsel to advise on the planned spin-off.
June 15, 2015
17:16 EDTZNGAZynga enters asset purchase agreement with SF Incubator, super.io
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09:42 EDTWYNN, LVS, MGMMacau checks show improvement, says Sterne Agee CRT
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08:49 EDTHOTStarwood to bring St. Regis brand to Maldives
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