Wynn Resorts Ltd. (NASDAQ: WYNN) posted -20% lower revenues for its first quarter of 2012 compared with revenues in the same period in 2011. Both Las Vegas Sands Corp. (NYSE: LVS) and MGM Resorts International (NYSE: MGM) managed to stay about even with last year’s take in the first quarter. Most of the increase was due to higher room rates and a slightly higher number of visitors and conventions. Recently public Ceasars Entertainment Corp. (NASDAQ: CZR) posted an EPS loss of -$2.24.

EPS estimates for Las Vegas Sands and Wynn Resorts are moving higher, while estimates for MGM and Ceasars are falling. The prospects for significant short-term growth are not strong, and in the state with the highest unemployment rate in the country and the second-highest number of mortgage delinquencies, state government may not get any relief from low fee collections on gambling for a while yet.

In March, the state collected about $71.5 million in fees from its gambling businesses, down -10.3% from March of 2011. February’s collections were 69.3% higher than a year ago, however, probably due to convention business. Collections in the current fiscal year are up 2.26%, mostly due to a huge bump in July of 2011.

Paul Ausick

The US dollar index rose today, now up 0.11% at 79.221. The GSCI commodity index is down about -1.3% at 678.65, with commodities mixed on the small gains in the dollar. WTI crude oil closed down -2.6% at $102.54/barrel, and Brent crude trades down -1.84% at $116.02/barrel. Gold settled down -1.2% today, at $1,634.80/ounce.

The unofficial closing bells put the DJIA down nearly 62 points to 13,206.59 (-0.47%), the NASDAQ fell more than 35 points (-01.16%) to 3,024.30, and the S&P 500 fell -0.77% or nearly 11 points to 1,391.57.

There were several analyst upgrades and downgrades today, including Chesapeake Energy Corp. (NYSE: CHK) maintained as ‘buy’ but target price cut to $31 at BofA/ML and raised to ‘outperform’ at Bernstein; Level 3 Communications Inc. (NYSE: LVLT) reiterated ‘buy’ at SunTrust Robinson Humphrey and cut to ‘neutral’ at Piper Jaffary; Qualcomm Inc. (NASDAQ: QCOM) reiterated as ‘buy’ at BofA/ML; and Salesforce.com (NYSE: CRM) raised to ‘outperform’ with a $185 target price at Credit Suisse.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Diana Shipping Inc. (NYSE: DSX) is down -4.4% at $7.63; Corinthian Colleges Inc. (NASDAQ: COCO) is down -21.6% at $3.05; Apache Corp. (NYSE: APA) is down -3.7% at $91.99; Western Refining Inc. (NYSE: WNR) is down -2.6% at $18.42; YRC Worldwide Inc. (NASDAQ: YRCW) is down -8% at $6.79; Steve Madden Ltd. (NASDAQ: SHOO) is down -1.7% at $43.54; Sempra Energy (NYSE: SRE) is up 0.6% at $64.29 after posting a new 52-week high of $65.37 earlier today; Sara Lee Corp. (NYSE: SLE) is down -1% at $22.10; Royal Gold Inc. (NASDAQ: RGLD) is down -2.6% at $59.43 (more coverage here); Orbitz Worldwide Inc. (NYSE: OWW) is up 4.9% at $4.09; General Motors Co. (NYSE: GM) is down -2.3% at $22.42 (more coverage here); and MGM Resorts International (NYSE: MGM) is down -4.4% at $12.95.

Tomorrow we get earnings from AES Corp. (NYSE: AES), Cheniere Energy Inc. (AMEX: LNG), Duke Energy Corp. (NYSE: DUK), Estee Lauder Companies Inc. (NYSE: EL), Progressive Corp. (NYSE: PGR), and The Washington Post Co. (NYSE: WPO).

Other standouts from today include the following stocks:

Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) is down -47.3% at $26.11. The company reported earnings last night, and lowered guidance. More coverage here and here.

Kensey Nash Corp. (NASDAQ: KNSY) is up 32.2% at $38.35. The company is being acquired by a Dutch firm for $360 million. More coverage here.

Herbalife Ltd. (NYSE: HLF) is down -12.7% at $46.02. The nutrition products company flubbed some questions at last night’s conference call. More coverage here.

Stay tuned for Friday. San Francisco Fed President John Williams is giving a speech. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – Non-farm payrolls
• 3:00 p.m. – Treasury STRIPS

Your email address

subscribe

terms and conditions

Paul Ausick

Carnival Corp. (NYSE: CCL) Maintained Hold but cut estimates at Argus.
Chesapeake Energy Corporation (NYSE: CHK) Cut to Hold at Brean Murray.
Cheniere Energy Inc. (NYSE: LNG) Started as Outperform with $13.50 target at Credit Suisse
Cheniere Energy Partners, LP (NYSE: CQP) Started as Neutral with $20 target at Credit Suisse.
Cree Inc. (NASDAQ: CREE) maintained Buy with $33 target at Canaccord Genuity; Raised to Buy at ThinkEquity; Cut to Neutral at Ticonderoga.
Expedia, Inc. (NASDAQ: EXPE) Started as Underweight at JPMorgan.
France Telecom S.A. (NYSE: FTE) Cut to Sell at Deutsche Bank.
Google Inc. (NASDAQ: GOOG) Cut to Market Perform from Outperform at Wells Fargo.
Janus Capital Group, Inc. (NYSE: JNS) Cut to Sell at Citigroup.
The Kroger Co. (NYSE: KR) Cut to Market Perform at BMO Capital.
MGM Resorts International (NYSE: MGM) Raised to Neutral at Credit Suisse.
Office Depot, Inc. (NYSE: ODP) Raised to Equal-weight at Barclays.
OfficeMax Inc. (NYSE: OMX) Raised to Equal-weight at Barclays.
PVH Corporation (NYSE: PVH) Started as Neutral with $72 target at Credit Suisse.
Ralph Lauren Corporation (NYSE: RL) Started as Outperform with $168 target at Credit Suisse.
Telefonica SA (NYSE: TEF) Cut to Sell at UBS.
Textron Inc. (NYSE: TXT) Cut to Neutral at JPMorgan.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

Your email address

subscribe

terms and conditions

JON C. OGG

Arcelor Mittal (NYSE: MT) Started as Equal Weight at Barclays.
Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) Reiterate as “Buy” with a $6 price target by Canaccord Genuity.
Citi Trends, Inc. (NASDAQ: CTRN) Maintained Underperform as Bear of the Day at Zacks.
Ethan Allen Interiors Inc. (NYSE: ETH) Started as Hold at Argus.
Intel Corporation (NASDAQ: INTC) Maintained Outperform but cut estimates at Credit Suisse; maintained Hold with $24 price target objective at Canaccord Genuity.
International Game Technology (NYSE: IGT) resumed with “Outperform” rating at Wells Fargo.
Kaiser Aluminum Corporation (NASDAQ: KALU) Started as Buy at BofA/Merrill Lynch.
Las Vegas Sands Corporation (NYSE: LVS) resumed with “Outperform” rating at Wells Fargo.
Mastercard Incorporated (NYSE: MA) Started as Buy at Nomura.
MGM Resorts International (NYSE: MGM) resumed with “Outperform” rating at Wells Fargo.
Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) reiterate as Buy with a $23 price target objective by Canaccord Genuity.
Noranda Aluminum Holding Corp. (NYSE: NOR) Started as Buy at BofA/Merrill Lynch.
Smithfield Foods Inc. (NYSE: SFD) named as Value stock of the day at Zacks Investment Research.
Southern Co. (NYSE: SO) Cut to Hold from Buy for short-term coverage but maintained a Buy for long-term at Argus.
Spectra Energy Corporation (NYSE: SE) Maintained Outperform as Bull of the Day at Zacks Investment Research.
Urban Outfitters Inc. (NASDAQ: URBN) Maintained Neutral and lowered estimates at Credit Suisse; Maintained Underperform with $17 price target objective by Jefferies.
Visa, Inc. (NYSE: V) Started as Buy at Nomura.
Wynn Resorts Ltd. (NASDAQ: WYNN) resumed with “Market Perform” at Wells Fargo.

Your email address

subscribe

terms and conditions

BANK STAKE GAINS: Bank of America Corporation (NYSE: BAC) was listed as a larger position at 64.3+ million shares, higher by almost 4 million shares.  Keep in mind that there are also positions in warrants due 2018 and 2019 in the position at BofA.  Capital One Financial Corporation (NYSE: COF) was raised slightly to 22,200,000 shares worth $879.7 million, but the old stake of 21,100,000 shares worth $1.09 billion. 

BANK STAKES LOWERED OR ELIMINATED (partial): Citigroup Inc. (NYSE: C) was a much lower stake at 25.1 million shares worth $643 million versus a stake of 33.5 million shares worth some $1.395 billion a quarter earlier.  J. P. Morgan Chase & Co. (NYSE: JPM) was not even listed as a position, yet it was about 4.7 million shares at the June 30 report ( but there is still a warrant position).  Wells Fargo & Co. (NYSE: WFC) is a lower position of 23,847,900 shares worth $575 million versus the prior position of 33,600,000 shares worth $942 million. XL Group plc (NYSE: XL) was lowered as well to 23.675 million shares worth $445 million versus his previous larger position of 28.23 million shares worth $620 million. NYSE Euronext, Inc. (NYSE: NYX) was dropped from the positions entirely after being listed as 3 million shares a quarter before.

PAULSON’s OTHER LOWERED POSITIONS (partial): SPDR Gold Trust (NYSE: GLD) was cut by more than one-third down to 20,273,540 shares (now worth $3.2 billion) versus 31,500,000 shares worth nearly $4.6 billion previously. Teva Pharmaceutical Industries (NASDAQ: TEVA) was cut by more than half to 1,976,900 shares worth $73.5 million from 4.18 million shares worth $201 million.  The stakes in FAMILY DOLLAR STORES INC. (NYSE: FDO) and the stake in MGM RESORTS INTERNATIONAL (NYSE: MGM) were also lowered by Paulson.  Hewlett-Packard Co. (NYSE: HPQ) was lowered to 15.2 million shares worth $340 million from 23.5 million shares worth $855 million a quarter earlier.

PAULSON’s NEW POSTIONS:  AMC Networks Inc. (NASDAQ: AMCX) is a new position of 5,000,000 shares worth $159 million, making Paulson a zombie fan for The Walking Dead.  Cephalon Inc. (NASDAQ: CEPH) is a new position of 3,684,000 shares worth some $297 million.  Covidien PLC (NYSE: COV) is a new position of 2,000,000 shares with some $88.2 million.  CVS Caremark Corporation (NYSE: CVS) was another new position of 2,500,000 shares worth almost $84 million.

Mylan, Inc. (NASDAQ: MYL) was a higher stake of 24,896,500 shares worth $423 million versus 14,940,000 shares worth $368 million previously.

Fortunately for Mr. Paulson, the markets have recovered handily since the end of September and the start of October.

JON C. OGG

Alon USA Energy, Inc. (NYSE: ALJ) is the value stock of the day at Zacks.
Apache Corp. (NYSE: APA) Started as Buy at Deutsche Bank.
Carbonite, Inc. (NASDAQ: CARB) Started as Buy at Canaccord Genuity; Started as Outperform at Oppenheimer; Started as Outperform at William Blair; Started as Buy at BofA/ML.
Chesapeake Energy Corporation (NYSE: CHK) Started as Hold at Deutsche Bank.
Devon Energy Corporation (NYSE: DVN) Started as Hold at Deutsche Bank.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) Cut to Neutral at Credit Suisse.
Logitech International SA (NASDAQ: LOGI) Cut to Sell at Goldman Sachs.
Marvell Technology Group Ltd. (NASDAQ: MRVL) Cut to Market Perform at JMP Securities.
MGM Resorts International (NYSE: MGM) Raised to Overweight at Morgan Stanley.
Molycorp, Inc. (NYSE: MCP) Cut to Neutral at JPMorgan.
Mosaic Co. (NYSE: MOS) Raised to Sector Outperform at CIBC.
PulteGroup, Inc. (NYSE: PHM) Raised to Buy at UBS.
SandRidge Permian Trust (NYSE: PER) Started as Outperform at Oppenheimer; Started as Market Weight at Wells Fargo; Started as Outperform at Baird.
SAP AG (NYSE: SAP) Raised to Outperform at Wells Fargo.
SM Energy Co. (NYSE: SM) named Bull of the Day at Zacks.
The Travelers Companies, Inc. (NYSE: TRV) Raised to Buy at Goldman Sachs.
VMware, Inc. (NYSE: VMW) Started as Buy at Merriman (Monday night).

Your email address

subscribe

terms and conditions

No money was injured while filming

At about mid-day, the Dow is off nearly -4%, the Nasdaq is off nearly -4.5%, and the S&P 500 is down just over -4%. It’s not a good day, and things are really looking nasty for several stocks. Here’s a look at some of today’s biggest losers so far.

NetApp Inc. (NASDAQ: NTAP) is down about -19% and has posted a new 52-week intra-day low of $33.32 following a poor earnings report, a weak forecast, and a downgrade from FBN. The stock is setting the pace for tech weakness after it pointed out that NetApp is expecting a “dramatic slowdown” in sales.

JDS Uniphase Corp. (NASDAQ: JDSU) is off -10.5%, at $10.47, within a 52-week range of $9.09-$29.12. The company managed to dodge a downgrade, but yesterday’s earnings and guidance combined with NetApp’s warning have clobbered the stock.

Invesco Mortgage Capital Inc. (NYSE: IVR) is off more than -8.5%, at $17.63, in a 52-week range of $16.48-$24.07. The company has announced a secondary offering of 20 million shares at $18.37/share, $0.92/share lower than yesterday’s closing price. Shareholders hate that sort of thing.

Citigroup Inc. (NYSE: C) shares are off around -7%, at $27.90, in a 52-week range of $26.25-$51.50. There’s no specific news that would lead to this drop, just the usual worries on European debt, home sales, and any of a number of economic concerns.

Camelot Information Systems Inc. (NYSE: CIS) is down more than -31%, at $5.87, having already posted a new 52-week low this morning of $4.90. That’s down nearly -80% from its 52-week high of $28.18. The company missed both profit and revenue estimates. There have also been some questions recently about the company’s truthfulness in reporting.

Gentium SpA (NASDAQ: GENT) is off more than -30%, at $6.12, within a 52-week range of $4.53-$13.69. The Italian drug maker has withdrawn a marketing application for an experimental treatment for complications resulting from stem cell transplants.

Acme Packet, Inc. (NASDAQ: APKT) is down nearly -18%, at $41.25, in a 52-week range of $30.70-$84.50. The communications equipment maker’s stock was downgraded by Pacific Crest, and is wallowing in the NetApp disaster.

Riverbed Technology Inc. (NASDAQ: RVBD) is down nearly -16%, at $20.53, in a 52-week range of $17.36-$44.70. Another communications equipment vendor and another downgrade at Pacific Crest.

The Direxion Daily Technology Bull 3X Shares (NYSE: TYH) is down nearly -16%, at $29.00, in a 52-week range of $23.66-$57.23. The triple-leveraged ETF is getting pulverized on its long technology bet.

MGM Resorts International (NYSE: MGM) is off -12%, at $10.15, in a 52-week range of $8.92-$16.94. Investor Kirk Kerkorian’s Tracinda Corp. reported yesterday that he has shed 20 million MGM shares. Tracinda is still the largest shareholder in MGM with nearly a stake of nearly 27% .

EMC Corp. (NYSE: EMC) is off more than -10%, at $20.22, in a 52-week range of $17.90-$28.73. The company is down about -24% in the past month, and today is following the downward spiral created by NetApp.

Bank of America Corp. (NYSE: BAC) is among the volume leaders with the largest share price downturns today. Shares are down nearly -7%, at $6.96, in a 52-week range of $6.31-$15.31. Worries about bank stocks are growing as reports on the global economy get gloomier.

Oracle Corp. (NASDAQ: ORCL) has already traded more shares than its daily average of more than 34 million. Shares are off nearly -8%, at $25.35, within a 52-week range of $21.66-$36.50. No particular news except the general disillusionment with tech stocks following NetApp’s pronouncement.

Paul Ausick

Altria Group, Inc. (NYSE: MO) is a defensive stock that is supposed to hold up well, so investors are rolling into “risk” when the DJIA is up so much.  Shares were down 0.6% at $24.39 this morning.

AOL Inc. (NYSE: AOL) has already bounced almost 10% from its lows this morning but shares are down 11.5% at $13.33 after hitting a 52-week low of $12.11 this morning.  The smaller net loss and ad revenue growth appear to have missed targets, which seems odd considering how much the stock has sold off from its 52-week high of $27.65.  At some point, that news should be priced in.

Cablevision Systems Corporation    (NYSE: CVC) turned in growth on phone and internet additions, but the earnings missed estimates.  The drop was another 9.5% to $17.67 and the stock hit a 52-week low of $17.24 earlier this morning.  That is now down more than 50% from its 52-week high as well.

DTS, Inc. (NASDAQ: DTSI) is supposed to provide state-of-the-art audio technology to hundreds of millions of DTS-licensed consumer electronics products worldwide, but its earnings miss shows it isn’t powering enough of the devices with a lower 2011 guidance.  DTS shares are down over 21% at $23.17 and the stock hit a 52-week low of $20.93 this morning.

EnerNOC, Inc. (NASDAQ: ENOC) is supposed to help companies cut their energy use and cut their energy bills but it is not doing enough of it.  Besides being unable to use a tax benefit, its growth has peaked as its $280 million to $300 million sales projection for 2011 is the sae for 2012.  Many Wall Street analysts downgraded the stock on a huge disappointment.  Shares are down almost 36% at $9.20 after a 52-week low was hit of $9.13 and the high was $34.38.

Fossil, Inc. (NASDAQ: FOSL) was supposed to be a jewelry winner as it is not deep into gold and silver exposure.  It turns out not to be the case in many of its brands and margins took a beating on higher input costs and on a weak outlook ahead.  Fossil shares were down 18.8% at $76.19.  Keep in mind that its 52-week trading range is $42.08 to $134.98.

Getty Realty Corporation (NYSE: GTY) gave an update on its Getty Petroleum Marketing operations: it has not received the monthly rental payment for August from its largest tenant under its Master Lease and other leases.  Shares are down 13.5% at $17.26 and shares hit a 52-week low of $16.60 versus a high of $32.20.

Limelight Networks, Inc. (NASDAQ: LLNW) is getting crushed after missing earnings and missing on revenues and then guiding lower for the third quarter.  Shares are down over 30% at $2.27 and the stock hit a low of $2.229 this morning. Just one more bit of proof that communications equipment and expedited content delivery slowing is persisting.

MGM Resorts International (NYSE: MGM) posted a gain after MGM China but the peak appears to have been called on gains.  MGM shares are down 4.5% at $11.02 versus a 52-week range of $8.92 to $16.94.

Stereotaxis, Inc. (NASDAQ: STXS) is the sole $1+ stock covered today because it is THE LOSER OF THE DAY with a 59% drop to $1.16 with a new 52-week low and an adjusted 52-week trading range now of $1.13 to $4.67.  The company markets cardiology instrument control systems, but apparently doesn’t market them very well.  Volume is 5-times normal at over 300,000 shares and the stock.  The company reported a wider loss, announced cost cuts, and its CFO is leaving the company.  Nice.

JON C. OGG

The Swiss franc hits a record against the euro. (Reuters)

Bank of America (NYSE: BAC) sued by AIG (NYSE: AIG) for “massive fraud” in sales of mortgage-backed paper. Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS) may also face legal action. (Reuters)

Hackers hit Oracle (NASDAQ: ORCL). (Reuters)

The ITC may consider Apple’s (NASDAQ: AAPL) accusations against HTC. (Reuters)

A fire in London may hurt delivery of some Sony (NYSE: SNE) products. (Reuters)

HSBC (NYSE: HBC) may sell its U.S. credit card business. (Reuters)

A strike by unions against Verizon (NYSE: VZ) escalates into harsh words. (WSJ)

The ECB purchase of Italy and Spanish bonds push their yields down further. (WSJ)

Companies which rely on U.S. contracts may need to tighten expenses. (WSJ)

Tokyo Electric Power lost $7.4 billion in the last quarter. (WSJ)

Transatlantic Holdings may sell to Berkshire Hathaway (NYSE: BRK) if the Buffett firm offers a higher price. (WSJ)

The price of corn is now higher than wheat, an unusual circumstance. (WSJ)

Take-Two Interactive (NASDAQ: TTWO) posts an unexpected loss. (WSJ)

Oil futures hit their highest level in 9 months. (WSJ)

Exxon Mobil (NYSE: XOM) will sell some natural gas rights in Indonesia because of human rights issues there. (WSJ)

Treasury yields drop after the S&P downgrade of the U.S. to AA+. (WSJ)

Worries about sovereign debt move to France. (WSJ)

MGM Resorts (NYSE: MGM) results improve as Las Vegas posted a modest recovery. (WSJ)

Hedge funds have aggressively sold company equities and debt. (WSJ)

Freddie Mac posts a $2.1 billion loss during the second quarter, an improvement from last year. (WSJ)

The stock market drop could kill consumer confidence. (NYT)

BookStats says e-book sales have helped revive the industry. (NYT)

The committee at S&P that decides sovereign rate grades is know for lack of transparency. (NYT)

Oil price may bring down gasoline and improve consumer confidence. (NYT)

Emerging markets hurt as investors flee risk. (FT)

The Federal Reserve may start a new stimulus package. (FT)

German exports fall, another sign of slowdown. (Bloomberg)

Global bonds add $132 billion in assets as stocks fall. (Bloomberg)

The value of Yahoo! (NASDAQ: YHOO) is so low that the portal business is worth next to nothing when the firm’s Asia assets are backed out. (Bloomberg)

Douglas A. McIntyre

Advanced Micro Devices, Inc. (NYSE: AMD) Raised to Outperform at FBR.
The Home Depot, Inc. (NYSE: HD) Started as Buy at UBS.
Intel Corporation (NASDAQ: INTC) Cut to Market Perform at FBR.
International Business Machines Corp. (NYSE: IBM) Raised to Strong Buy at S&P Equity Research (late-Wednesday call).
Lowe’s Companies Inc. (NYSE: LOW) Started as Buy at UBS.
Lululemon Athletica Inc. (NASDAQ: LULU) featured as Momentum by Zacks.
MGM Resorts International (NYSE: MGM) Started as Outperform at FBR.
ManpowerGroup (NYSE: MAN) Reiterated Outperform as Bull of the Day at Zacks.
Schnitzer Steel Industries Inc. (NASDAQ: SCHN) Started as Buy at BofA/ML.
Staples, Inc. (NASDAQ: SPLS) Started as Buy at UBS.
United States Steel Corporation (NYSE: X) Started as Underperform at BofA/ML.
Youku.com Inc (NYSE: YOKU) Raised to Buy at Goldman Sachs.

You are invited to join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG