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Email UpdatesMelco Crown Entertainment Ltd. (NASDAQ: MPEL) is holding up better than many might have expected after the stellar rise seen in the casino stocks with Macau ties. Melco Crown turned a wider loss over a year ago, despite a 70% revenue rise. The loss was on a net basis rather than operating basis on higher depreciation and related expenses as well accounting for interest payments from the City of Dreams project. This has implications for the coming Las Vegas Sands Corp. (NYSE: LVS) IPO, and possibly even for MGM Mirage (NYSE: MGM) after Wynn Resorts Ltd. (NASDAQ: WYNN) managed its IPO for Macau.
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Posts for Ticker ‘LVS’
Melco Crown Outlines IPO Risks at Las Vegas Sands, MGM Too (MPEL, LVS, MGM, WYNN)
Media Digest 11/16/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The Ohio Attorney General is suing a number of Wall St. firms.
Reuters: GM will start to repay part of its debt to the US.
Reuters: Citigroup (NYSE:C) will sell Bellsystem to Bain.
Reuters: Japan’s GDP numbers were leaked. Read More
Top 10 Analyst Upgrades, Downgrades, Initiations (ADBE, FDX, JNPR, LVS, MSFT, ORCL, QCOM, CRM, NCTY, WYNN)
These are this Friday’s top early analyst upgrades, downgrades, and initiations from Wall Street research calls which may be moving shares of the underlying stocks:
Adobe Systems (NASDAQ: ADBE) Started as Buy at UBS.
FedEx (NYSE: FDX) Started as Overweight at Piper Jaffray.
Juniper Networks (NASDAQ: JNPR) Raised to Outperform at Oppenheimer.
Las Vegas Sands (NYSE: LVS) Started as Buy at Deutsche Bank.
Microsoft Corporation (NASDAQ: MSFT) Started as Buy at UBS.
Oracle Corp. (NASDAQ: ORCL) Started as Buy at UBS.
QUALCOMM Inc. (NASDAQ: QCOM) Raised to Outperform at Wells Fargo.
Salesforce.com (NYSE: CRM) Started as Neutral at UBS.
The9 Ltd (NASDAQ: NCTY) Cut to Neutral at JPMorgan.
Wynn Resorts Ltd. (NASDAQ: WYNN) Started as Buy at Deutsche Bank.
You can join our open email distribution list which goes out several times per week to be notified of key merger news, key analyst calls, top early morning day trader alerts, along with news of IPO’s, key offerings, guru investor data on Buffett and others, mergers, and more.
JON C. OGG
Media Digest 11/9/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Hurricane Ida is heading toward Gulf oil fields.
Reuters: Kraft (NYSE:KFT) will make its bid for Cadbury.
Reuters: GE (NYSE:GE) and Comcast (NASDAQ:CMCSA) have agreed to an NBCU valuation.
Reuters: The IMF is considering an insurance levy on banks. Read More
Today’s Best Market Rumors (11/2/2009) (LVS)(PFE)(PLX)(BK)(ODFL)(PALM)(AAPL)
Updated throughout the day.
Updated 1.05 PM EST: Las Vagas Sands (NYSE:LVS) will try to raise $2.5 billion though an IPO in Hong Kong (AP)
Updated 11.12 AM EST: Pfizer (NYSE:PFE) is considering a joint venture with Protalix Biotherapeutics (AMAX:PLX) and may buy the Israeli company. (Reuters)
Updated 9.50 AM EST: The Fed will keep rates as they are (CBNC)
A deal for Comcast (NASDAQ:CMCSA) to take control of NBCU from GE (NYSE:GE) is imminent, as usual. (NYTimes)
Goldman Sachs (NYSE:GS) is considering buying Fannie Mae (NYSE:FNM) tax credits (WSJ)
Bank of NY Mellon’s (NYSE:BK) CEO turned down a chance to be considered for the Bank of America (NYSE:BAC) CEO job. (WSJ)
Roger Nightingale, economist at Pointon York, says the world faces a 1930s type depression if government stimulus packages are pulled too soon (CNBC)
A draft order to approve AT&T’s (NYSE:T) $2.8 billion acquisition of Centennial Communications Corp is circulating at the Federal Communications Commission. (The Deal)
Apple’s (NASDAQ:AAPL) top advertising strategist is not leaving his job. (AppleInsider)
Sprint (NASDAQ:S) is starting to downplay the importance of the Palm (NASDAQ:PALM) Pre compared to other smartphones it is marketing. (Barron’s)
Shares of Old Dominion (NASDAQ:ODFL) could move from $27 to $40 in a year (BusinessWeek)
The market share of Apple’s Mac has not been hurt by the release of Microsoft’s (NASDAQ:MSFT) Windows 7.
You can join our open email distribution list to get updates on top analyst upgrades and downgrades, top day trader alerts, IPO’s, secondary offerings, Warren Buffett and other guru activity, M&A and more.
Douglas A. McIntyre
Les Vegas Sands Wins on Cost Cuts (LVS, WYNN)
Wynn Resorts Ltd. (NASDAQ: WYNN) may have set a high bar for Las Vegas Sands Corp. (NYSE: LVS) and its earnings report today, but cost cuts helped the company to beat its estimates. Las Vegas Sands reported GAAP net income of $62.4 million, but the non-GAAP operating income was $0.03 EPS and revenue was $1.14 billion. Thomson Reuters had estimates pegged at -$0.01 EPS and $1.17 billion in revenues. That is another instance of cost savings helping the bottom-line more than the top-line seeing improvements.
Media Digest (10/23/2009) Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: Japan Airlines faces $8.8 billion in excess debt if liquidated.
Reuters: Amazon (NASDAQ:AMZN) beat Wall St. estimates.
Reuters: GM’s CEO will get a pay raise.
Reuters: Nokia (NYSE:NOK) sued Apple (NASDAQ:AAPL) over patent infringement. Read More
Today’s Best Market Rumors (10/13/2009) (STIC)(LVLT)(LVS)(ENER)(GE)(SNI)
Updated throughout the day.
Updated 3.14 PM EST: STIC (NASDAQ:STIC) dropping on rumors that Sun (NASDAQ:JAVA) database applications may hurt STIC sales (Barron’s)
Updated 3.11 PM EST: Level 3 (NASDAQ:LVLT) is surging on heavy volume on buy-out rumors. (various)
Updated 12:30 PM EST: ITT options trading is active on trader talk of takeover rumors. Shares are up 3% at $53.02.
Updated 10.40 AM EST “Capmark Financial Group Inc., the commercial real estate company created through a 2006 leveraged buyout of certain GMAC assets, is preparing to file for bankruptcy possibly by the end of next week.” (Reuters)
Update 8.15 AM EST Scripps Interactive (NYSE:SNI) may be a buy-out target (PaidContent)
The four biggest US banks by assets may have to take on $55 billion of mortgage-collection contracts after marking them up by $11 billion in the second quarter, casting a shadow over earnings. (NYPost) Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and Citigroup (NYSE:C).
CIT (NYSE:CIT) may be closer to a bankruptcy (Reuters)
Energy Conversion Devices (NASDAQ:ENER) may be a buy-out target with Applied Materials (NASDAQ:AMAT) as the possible bidder.
Users of Apples (NASDAQ:AAPL) Snow Leopard software have been losing personal data. (CNET)
GE (NYSE:GE) may eventually get rid of its entire stake in NBC Universal and Comcast (NASDAQ:CMCSA) may have to spend billions of dollars to effect that. (AP)
Macau may curb growth of the gambling industry which would hurt prospects for Las Vegas Sands (NYSE:LVS) and Wynn (NASDAQ:WYNN) (Reuters)
You can join our open email distribution list to get updates each morning on analyst upgrades and downgrades, top day trader alerts, IPO’s and secondary offerings, Warren Buffett and other guru activity, M&A and more.
Douglas A. McIntyre
Regulatory Risks Hit Macau Casinos (WYNN, LVS, MPEL)
News out of Macau, China is crushing some of the gambling stocks that have direct operations in Macau. It looks like the Chinese are considering curbing the number of gambling tables, the minimum age of gamblers that can enter the casinos, and other potential restrictions, according to the Wall Street Journal’s Asia reports. While the full details and full implications are not yet out, Wynn Resorts Ltd. (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), and Melco Crown Entertainment Ltd. (NASDAQ: MPEL) are all getting hit on the reports.
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Today’s Best Market Rumors (10/7/2009) (NOK)(AAPL)(JPM)(GE)(WYNN)
Updated throughout the day.
Updated 2:44 Dell Inc. (NYSE: DELL) will launch a branded Android smartphone thru AT&T Inc. (NYSE: T) and possibly other carriers next year. Source today is from WSJ, but ask this… How many phone and consumer electronics announcements have been rumored on Dell?
Updated 1.36 PM EST: Pimco left the bondholders steering committee at CIT (NYSE:CIT) last month (CNBC)
Updated 12.45 PM: Polycom (NSADAQ:PLCM) could be taken over by Hewlett-Packard (NYSE:HPQ) or Dell (NASDAQ:DELL). Interdigital (NASDAQ: IDCC) could be bought by Nokia (NYSE:NOK) and ValueClick (NASDAQ:VCLK) could be taken over by any one of a number of companies. (Barron’s)
Updated 12.41 PM: GM head of American sales leaves amid talk that car company CFO may be next (CNNMoney)
Update 10.50 AM EST: Congress may pass a bill which will require that public companies split the roles of chairman and CEO. (MarketWatch)
Thomson Reuters (NYSE:TRI) may be involved in the bidding for McGraw-Hill’s (NYSE:MHP) BusinessWeek working jointly with Zelnick Media. Strauss Zelnick is on the boards of Blockbuster (NYSE:BBI) and Take-Two Interactive (NASDAQ:TTWO) (PaidContent).
Citigroup (NYSE:C) may sell it Philbro unit which is paying its chief $100 million this year. (CNBC)
Bank of America (NYSE:BAC) has narrowed its list of CEOs to two people (WSJ).
Foxconn has a deal to make 300,000 to 400,000 Apple (NASDAQ:AAPL) tablet PCs to ship in Q1 (DigiTimes)
Collins Stewart believes that Google (NASDAQ:GOOG) and Yahoo! (NASDAQ:YHOO) are on the lookout for acquisitions. (The Deal).
Share sales by Steve Wynn, head of Wynn (NASDAQ:WYNN), and his COO may be” a canary in the coal mine to other investors to take some profits on the gains in this sector since the March lows.” That would include MGM (NYSE:MGM) and Las Vegas Sands (NYSE:LVS) (TheStreet.com)
Private equity firms Bain Capital and THL Partners are asking banks that supported their buy-out of Clear Channel Communications to help restructure the firm’s debt. Those banks include Citigroup (NYSE:C), Credit Suisse (NYSE:CS), Deutsche Bank (NYSE:DB), and Morgan Stanley (NYSE:MS). (NYPost)
News Corp (NYSE:NWS) CEO Rupert Murdoch is in Japan and South Korea and may be discussing partnerships to build a rival product to the Amazon (NASDAQ:AMZN) Kindle. (Reuters)
Vivendi will discuss selling its 20% stake in GE’s (NYSE:GE) NBCU at its October 19 board meeting to allow a transaction with Comcast (NADSAQ:CMCSA) which would involve the cable company getting control of media firm. (BusinessWeek)
JPMorgan (NYSE:JPM) executive Heidi Miller could be in the running for the CEO job at Bank of America. (The Big Money)
Douglas A. McIntyre
Are CBS (CBS) And Sprint (S) At Risk For Bankruptcy?
Audit Integrity, a research firm, has come out with a list of the large American companies which are most likely to go bankrupt in the next year. The data behind the figures seem valid, but some of the companies on the list which include CBS (CBS), Sprint (S), AMD (AMD), and Sirius XM (SIRi) seem improbable candidates.
The corporate communications staffs of these companies and their outside public relation firms will tell their managements to keep quiet and not react. A reaction, they will argue, just makes it look like Audit Integrity knows what it is doing and that there is some validity to their analysis. Audit Integrity is probably counting on that. It will get a lot of exposure for the study and little ,if any, legitimate criticism.
Audit Integrity says its research services support risk management practices that help investors, insurers and others lower risk and improve performance with objective ratings and reports.
Top 10 Analyst Upgrades/Downgrades (BSX, DWA, ETFC, FSLR, LVS, MSFT, MOS, POT, UPS, UA)
These are the top 10 analyst calls for upgrades and downgrades seen early this Monday morning from Wall Street research firms:
Boston Scientific (BSX) Cut to Neutral at UBS.
DreamWorks Animation (DWA) Raised to Outperform at William Blair.
E*TRADE Financial (ETFC) Raised to Buy at Citigroup.
First Solar (FSLR) Cut to Sell at Soleil.
Las Vegas Sands (LVS) Raised to Buy at Bank of America Merrill Lynch.
Microsoft (MSFT) Raised to Buy at Auriga.
Mosaic (MOS) Cut to Hold at Citigroup.
Potash Corp. of Saskatchewan (POT) Cut to Hold at Citigroup.
UPS (UPS) Raised to Neutral at Credit Suisse.
Under Armour (UA) Raised to Neutral at Goldman Sachs.
JON C. OGG
Media Digest 9/3/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The sell-off in Chinese stocks may be overdone based on earnings.
Reuters: A report blamed the SEC for not doing its job investigating Madoff.
Reuters: The Fed says the risks to the American economy have dropped.
Reuters: A Pfizer (PFE) whistleblower made more than $51 million. Read More
Top Analyst Upgrades and Downgrades (BIIB, FRX, GENZ, GILD, HOLX, LVS, MOS, NVAX, RIG, TXT)
These are the top ten analyst research initiations, upgrades, and downgrades we have seen from top Wall Street firms early this Wednesday morning:
Biogen-Idec (BIIB) Started as Underperform at BofA/Merrill Lynch.
Forest Labs (FRX) Cut to Hold at Needham.
Genzyme (GENZ) Started as Buy at BofA/Merrill Lynch.
Gilead (GILD) Started as Buy at BofA/Merrill Lynch.
Hologic (HOLX) Cut to Hold at Canaccord.
Las Vegas Sands (LVS) Raised to Buy at Argus.
Mosaic (MOS) Started as Sector Perform at CIBC.
Novavax (NVAX) Cut to Market Perform at Rodman & Renshaw.
Transocean (RIG) Started as Outperform at BMO Capital.
Textron (TXT) Raised to Conviction Buy List at Goldman Sachs.
JON C. OGG
Media Digest 8/14/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The Chinese are learning the problem of easy access to credit cards.
Reuters: The US recovery is still slow while France and Germany are rebounding.
Reuters: UBS (UBS) clients in America may face criminal charges.
Reuters: Buffett of Berkshire Hathaway (BRK.A) defended its valuation of derivatives. Read More
Media Digest 8/6/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: A bubble may be forming in the corporate bond market.
Reuters: Wall St. firms have made $1 billion on the break up of AIG (AIG). Morgan Stanley(MS), Goldman Sachs (GS), JP Morgan (JPM) and Blackstone (BX) could get large fees.
Reuters: A judge would not approve an SEC settlement with Bank of America (BAC) Read More
Wynn vs. Las Vegas Sands, A Tale of Two Casinos (WYNN, LVS)
Today we had earnings from casino rivals Wynn Resorts Ltd. (NASDAQ: WYNN) and Las Vegas Sands Corp. (NYSE: LVS). While many consider these companies very similar for having higher-end operations and Macau operations or ambitions, these two earnings reports and the reactions are rather different.
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Casino Earnings Duel: Wynn vs Las Vegas Sands (WYNN, LVS)
We have two very pertinent earnings this week for casino and resort investors from rivals Wynn Resorts, Limited (NASDAQ: WYNN) and Las Vegas Sands Corp. (NYSE: LVS).
Wynn will release results for the June 30 quarter on Thursday followed by a conference call at 12:00 PM EST (9:00 AM Pacific). Las Vegas Sands Corp. will release its second quarter results after the close on Thursday as well, with a conference call at 4:30 PM EST. Below is the formal data for this round of earnings along with estimates, performance, chart data, options analysis, and more.
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Media Digest 7/9/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The promise of mobile TV is being destroyed by smartphone use of software applications.
Reuters: More attacks on websites in the West are expected and North Korea is suspected.
Reuters: China has arrested Rio Tinto (RTP) employees.
Reuters: The age of the media mogul may be over. Read More
What Is Macau IPO Really Worth to Las Vegas Sands (LVS, MPEL, WYNN)
Las Vegas Sands Corp. (NYSE: LVS) has been all over the news today on reports that the company may conduct an initial public offering for its Macau assets. The company would like to raise $3 billion to $4 billion, but this would likely only be a part of that raise. Some traders are trying to imply a $3 billion to $4 billion value on Macau based on some creative re-reporting of the Reuters figures. What we wanted to do was figure out what the assets could fetch on their own in an IPO. The bad news is that an outright sale right now is something we think is elusive, at least anywhere near what Sheldon Adelson would want to sell it for. If you consider the current market values of Melco Crown Entertainment Limit (NASDAQ: MPEL) or Wynn Resorts Ltd. (NASDAQ: WYNN), the value for Macau is just not anywhere what it once was.
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