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Las Vegas Sands files for Hong Kong IPO of Macau unit

Las Vegas Sands Corp. (NYSE: LVS) reported this morning that one of its subsidiaries has filed an application to list its shares on the Hong Kong Stock Exchange. The move was widely expected, as LVS CEO Sheldon Adelson said in July that the casino firm was considering an initial public offering (IPO) or sale of its Macau assets.

"No decisions have been made regarding the timing or terms of any such offering or whether the subsidiary will ultimately proceed with such a transaction," reported LVS in a filing with the Securities and Exchange Commission (SEC).

Continue reading Las Vegas Sands files for Hong Kong IPO of Macau unit

Closing Bell: When Bears Dial 9-1-1 (AMZN, F, MCD, MCO, WYNN)

The DJIA went above 9,000 today. The NASDAQ posted its twelfth consecutive rise. Existing home sales showed a gain and the massive army of the jobless got smaller again. Earnings came on strong, and only the short sellers weren't happy at the end of the day.

Here are today's unofficial closing bell levels:

Dow 9,069.29 +188.03 (2.12%)
S&P 500 976.29 +22.22 (2.33%)
Nasdaq 1,973.60 +47.22 (2.45%)

Top Analyst Calls

Continue reading Closing Bell: When Bears Dial 9-1-1 (AMZN, F, MCD, MCO, WYNN)

Analyst upgrades, downgrades and initiations: DIS, ED, RBS, X ...

Analyst upgrades:
  • Barclays believes Disney (NYSE: DIS) is the best positioned company for "media's digital evolution." The firm upgraded shares to Overweight from Underweight and has a $32 target on shares.
  • Oppenheimer upgraded Semtech (NASDAQ: SMTC) to Outperform from Perform after channel checks indicated improved inventory levels, better product mix, and market share gains. The firm set a $20 target on the stock.
  • RBC Capital expects Rigel's (NASDAQ: RIGL) R788 in RA to achieve its primary endpoint in the Phase II trials. Shares were upgraded to Sector Perform from Underperform and the price target was raised to $8 from $6.
  • WebMD (NASDAQ: WBMD) was upgraded to Accumulate from Sell at ThinkEquity.
  • International Game Tech (NYSE: IGT) was raised to Conviction Buy from Neutral at Goldman.
  • Infineon (NYSE: IFX) was lifted at Banc of America/Merrill to Buy from Neutral.

Continue reading Analyst upgrades, downgrades and initiations: DIS, ED, RBS, X ...

Wynn Resorts: Casino sector headwinds to persist

Now would a good time to Short shares of Wynn Resorts (NYSE: WYNN). A perfect storm of unfavorable factors -- visa restrictions, the global recession, increased competition, and a crack-down on needless corporate and related business travel, do not bode well for WYNN.

Other negatives: Las Vegas is in a pronounced recession, the typical American is scaling-back domestic travel, and more retirees are feeling an income squeeze as companies cut or eliminate dividends. The First Call FY 2009/FY 2010 EPS estimates for WYNN are 27 cents to 63 cents.

Continue reading Wynn Resorts: Casino sector headwinds to persist

Earnings highlights: Campbell, Sears, Home Depot, Nordstrom, Marvel and more

Here are some highlights from this past week's earnings coverage from BloggingStocks:

Continue reading Earnings highlights: Campbell, Sears, Home Depot, Nordstrom, Marvel and more

Closing Bell: Maybe Obama's strong language was misunderstood; BAC, CB, C, FSLR, WYNN

A late-day rally based on more Bernanke and Geithner data on stress tests and bank packages took away the sting of what was considered a defeat for banks and big business after Obama's speech last night. Existing housing data added to pressure this morning, but again this was trumped at the end of the day. Here were today's unofficial closing bell levels:

Dow 7,270.65 -80.29 (-1.09%)
S&P 500 764.87 -8.27 (-1.07%)
Nasdaq 1,425.43 -16.40 (-1.14%)

Top Analyst Upgrades
Top Analyst Downgrades

Continue reading Closing Bell: Maybe Obama's strong language was misunderstood; BAC, CB, C, FSLR, WYNN

Wynn Resorts craps out on its fourth quarter numbers

Wynn Resorts Q4 Earnings fall short of expectationsThis afternoon, Wynn Resorts (NASDAQ: WYNN) had its turn in the earnings lineup, and the company failed to meet analyst estimates for the quarter, and is being punished in after hours trading as a result.

Going into this afternoon's earnings announcement, analysts had been hoping to see the company show earnings of $0.44 per share on revenues of $703.53 million. Adjusted earnings for the quarter were far below this, with a reported $0.07 cents per share on only $614.3 million in revenues.

Continue reading Wynn Resorts craps out on its fourth quarter numbers

The week in preview: Eye on Marvel, KBR, First Solar, Deckers and more

Analysts surveyed by Thomson Reuters expected the parade of earnings declines to continue into the final week of February, with Martha Stewart Living Omnimedia Inc. (NYSE: MSO), Nordstrom Inc. (NYSE: JWN), Home Depot Inc. (NYSE: HD), Wynn Resorts Ltd. (NASDAQ: WYNN), Macy's Inc. (NYSE: M), DreamWorks Animation SKG Inc. (NYSE: DWA), Limited Brands Inc. (NYSE: LTD), Target Corp. (NYSE: TGT), Royal Bank Of Canada (NYSE: RY), Del Monte Foods Co. (NASDAQ: DLM), Kohl's Corp. (NYSE: KSS), Washington Post Co. (NYSE: WPO), Dell Inc. (NASDAQ: DELL), Gap Inc. (NYSE: GPS), Campbell Soup Co. (NYSE: CPB), RadioShack Corp. (NYSE: RSH), and H.J. Heinz Co. (NYSE: HNZ) all expected to post lower earnings for the most recent quarter. Office Depot Inc. (NYSE: ODP), Saks Inc. (NYSE: SKS), and Cooper Tire & Rubber Co. (NYSE: CTB) are expect to have swung to a loss.

Continue reading The week in preview: Eye on Marvel, KBR, First Solar, Deckers and more

Money losers of 2008: Billionaires who lost billions this year

This post is part of our feature on Money Losers of 2008. See all 20.

There's no doubt about it -- times are tough. People are struggling to find work and to pay the bills as the value of their homes and savings dwindle. The poor get poorer, and the rich get richer.

Or do they? It's all relative, of course, but world's billionaires have been taking some big hits too. We take a look at Sheldon Adelson, Kirk Kerkorian, and Lakshmi Mittal in their own separate posts, but here are some other billionaires who have lost billions this year (courtesy of Forbes and Business Sheet).

  • Brothers Anil and Mukesh Ambani of India's private conglomerate Reliance lost $32.5 billion and $28.2 billion, respectively.
  • Warren Buffett, the Sage of Omaha, lost $16.5 billion. Shares of Berkshire Hathaway Inc. (NYSE: BRK.A) are down about 32% since the beginning of the year.
  • Microsoft (NYSE: MSFT) founders Bill Gates and Paul Allen lost $12.3 billion and $2.6 billion, respectively, while CEO Steve Balmer lost $6.5 billion. Shares of Microsoft are down 46% since the beginning of the year.
  • Larry Page and Sergey Brin, cofounders of Google Inc. (NYSE: GOOG), lost $11.9 billion and $11.7 billion, respectively, and CEO Eric Schmidt lost $3.8 billion. The share price of Google has fallen 55% since the beginning of the year.
  • Larry Ellison, CEO of Oracle Corp. (NASDAQ: ORCL), lost $8.2 billion. Shares of Oracle are down 21% since the beginning of the year.
  • Media maven Sumner Redstone lost $7.2 billion. Shares of his private investment firm National Amusements fell 70% this year.

Continue reading Money losers of 2008: Billionaires who lost billions this year

Analyst calls: GENZ, UBS, RIMM, BBBY, WYNN, RTP . . .

Analyst upgrades:

  • Oppenheimer upgraded Genzyme (NASDAQ: GENZ) to Outperform from Perform on expectations that upcoming regulatory events, mainly approvals of Mozobil and 2,000L Myozyme, will serve as positive catalysts.
  • Ladenburg analyst Dick Bove raised Bank of New York (NYSE: BK) to Buy from Neutral as he now believes the Russian lawsuit is turning in the bank's favor and is no longer a significant risk.
  • Societe Generale upgraded UBS (NYSE: UBS) to Buy from Hold on valuation and the company's deal with the Swiss government.
  • Bed Bath & Beyond (NASDAQ :BBBY) was upgraded to Market Perform from Underperform at Friedman Billings.
  • RC2 Corp (NASDAQ: RCRC) was lifted at Wachovia to Outperform from Market Perform.
  • Cintas (NASDAQ: CTAS) was upgraded to Hold from Sell at Citigroup.

Analyst downgrades:

Continue reading Analyst calls: GENZ, UBS, RIMM, BBBY, WYNN, RTP . . .

Analyst calls: NVS, TSN, WYNN, RAI, AZN, HAIN, TEVA, SYMC ...

Analyst upgrades:
  • Goldman upgraded shares of Novartis (NYSE: NVS) to Buy from Neutral as they believe the Alcon (NYSE: ACL) acquisition has diversified the company's business.
  • Tyson Foods (NYSE: TSN) was upgraded to Equal Weight from Underweight on valuation.
  • JP Morgan raised Albermarle (NYSE: ALB) to Overweight from Neutral.
  • BMO Capital upgraded Wynn Resorts (NASDAQ: WYNN) to Outperform from Market Perform.
  • Synovus Financial (NYSE: SNV) was lifted to Buy from Hold at Sterne Agee.
Analyst downgrades:
  • Morgan Stanley downgraded Reynolds American (NYSE: RAI) to Underweight from Equal Weight based on the impact from Altria's (NYSE: MO) purchase of competitor UST (NYSE: UST), which may result in pricing pressure.
  • Goldman downgraded AstraZeneca (NYSE: AZN) to Sell from Neutral as they believe shares do not support near-term fundamentals.
  • Max Capital (NASDAQ: MXGL) was downgraded to neutral from Buy at Banc of America.
  • AudioCodes (NASDAQ: AUDC) was lowered at Merrill to Neutral from Buy.
  • Pinnacle Financial (NASDAQ: PNFP) was downgraded to Neutral from Outperform at Baird.

Continue reading Analyst calls: NVS, TSN, WYNN, RAI, AZN, HAIN, TEVA, SYMC ...

Option Update: Casino hospitality stocks volatility elevated; LVS, WYNN, MGM

Las Vegas Sands (NYSE: LVS) closed at $36.84. LVS September option implied volatility is at 114, October is at 95; above its 26-week average of 61 according to Track Data, suggesting larger price movement.

Wynn Resorts (NASDAQ: WYNN) is recently down $3.52 t $81.90. WYNN September implied volatility is at 74; October is at 70; above its 26-week average of 59 according to Track Data, suggesting larger price movement.

MGM Mirage (NYSE: MGM) closed at $32.45. MGM September option implied volatility is at 93, October is at 91; above its 26-week average of 70, suggesting larger movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Shuffle Master's Q3 wasn't disastrous, but there's still work to be done

I have a soft spot for Shuffle Master (NASDAQ: SHFL). A few years back, I owned the stock when it was in its growth phase and made a little money on it. Now, though, the gambling entity's shares are stuck in $5-land, and it's truly been a terrible stock.

Well, on Monday, Shuffle Master reported earnings for the third quarter after the market closed. In a relative sense, the numbers weren't too bad, but at the same time, they in no way make me want to buy the stock. And believe me, I have been waiting for the day when data will reveal that Shuffle Master is a buy. I just feel that the company can return to growth at some point. Gambling isn't going away, right?

Anyway, according to this RTTNews link, revenues increased nearly 10% during the quarter, but sadly, the bottom line couldn't move. Shuffle Master booked only $0.08 per share in terms of net income, a stat which represents 0% growth. It also was a miss by two pennies of Wall Street's estimates. However, according to the press release issued by the company, there is one neat silver lining in the form of cash from operations. That metric increased 9% during the quarter, and it was driven by diligent management of working capital changes.

Continue reading Shuffle Master's Q3 wasn't disastrous, but there's still work to be done

Closing Bell: The bears wore their Crocs to work

If you were looking for another hard day of profit taking on a summer Friday, the markets escaped the hangman. A barely positive durable goods of big ticket items was enough to send the pessimists to the showers and gave the bulls a little more ammo. Throw in an oil ticker showing a drop of more than $2.00 to almost $123.00 per barrel and that's all that was needed. Look at bond yields and you'll see we gave back almost all of yesterday's move.

Here are today's unofficial closing bell levels:
DJIA 11368.33 (+19.05)
S&P500 1257.65 (+5.11)
NASDAQ 2310.53 (+30.42)
10YR T-NOTE 4.111% (+0.095%)
TOP ANALYST UPGRADES
TOP ANALYST DOWNGRADES
Select Short Sales Data

Arch Coal (NYSE: ACI) tripled earnings posted EPS of $0.78 vs. $0.64 estimates. The stock was up more than 3% in pre-open but was up almost 9% at $55.45 in the final minutes of the day.

Crocs Inc. (NASDAQ: CROX) led the garbage stocks after a very ugly earnings warning last night. It now sees sales for all of 2008 modestly lower than 2007 and is now only targeting a break-even result for 2008. Retailers were noted as keeping inventory re-orders at low levels, which is hard to blame them considering the ugly shoe fad has already started its workdown. Shares were down 44% at $4.99 after shares had already sold of more than 80% from 52-week highs.

Continue reading Closing Bell: The bears wore their Crocs to work

Before the bell: AAPL, BUD, MA, WYNN, LVS, ASH, HRC

Before the bell: Futures lower on oil, Fannie and Freddie; GE meets

Today is the day. Today Apple Inc.(NASDAQ: AAPL)'s new 3G iPhone went on sale. Many countries will now be able to join the iPhone mania, selling the handset to eagerly awaiting customers. Most notably, Japan,Australia and Hong Kong are part of the 22 nations rollout.

Anheuser-Busch (NYSE: BUD) shares are surging 4% in premarket trading after The New York Times reported deal with InBev is now near. Not only that, but it seems the talks are of a friendly deal. This is quite a change from the recent law suits between the two after A-B rejected the Belgian brewer's $46 billion, or $65-a-share, takeover offer.

Shares of MasterCard (NYSE: MA) are rising 3.5% in premarket trading on news that the company will be added to the S&P 500 Index on July 17 in place of ACE Ltd. (NYSE: ACE). Shares of ACE are down over 5%.

Continue reading Before the bell: AAPL, BUD, MA, WYNN, LVS, ASH, HRC

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Symbol Lookup
IndexesChangePrice
DJIA+203.5210,226.94
NASDAQ+41.622,154.06
S&P 500+23.781,093.08

Last updated: November 09, 2009: 09:25 PM

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