Most casino stocks fall on average volume, with one exception (MPEL)

Posted in General 
June 22nd, 2009

Most gaming stocks are off big today, and along with materials and commodity stocks are among the very weakest in the market.

Most are down on average or below-average volume, including Las Vegas Sands Corp. (NYSE: LVS), Wynn Resorts Ltd (Nasdaq: WYNN), Penn National Gaming Inc. (Nasdaq: PENN), and MGM Mirage (NYSE: MGM).

One exception is Melco Crown Entertainment, Ltd. (Nasdaq: MPEL), which is down nearly 10% on above-average volume. The stock had risen above $5 last week after Deutsche Bank upgraded the shares to buy, citing potential upside in Macau relative to expectations. But today’s sector weakness appears to be easing some of that optimism. — Mike Tarsala

 

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