Diamonds and Dogs
Las Vegas Sands (LVS) should change their name to Macau Sands. The casino operator is jumping 5% not far from a 52 week high thanks to better than expected August gross gaming revenue out of Macau, China. Gaming improved by +1.1% y/y, the first growth in gaming out of China since May of 2014.
A diamond no more. Deep water driller, Diamond Offshore (DO) is down 7% not far from the 52 week low after receiving notice of termination from Petróleo Brasileiro S.A. (PBR) of its drilling contract on the Ocean Valor. The drilling contract, which was extended in 2014, was estimated to conclude in accordance with its terms in October 2018. The Company does not believe that Petrobras had a valid or lawful basis for terminating the contract, and the Company intends to defend the rights of its subsidiary under the contract.
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