Diamonds and Dogs
Las Vegas Sands (LVS) picks up the baton from Wynn Resorts. Wynn Resorts got the rally going this year with the casino stocks, now Las Vegas Sands is leading the charge thanks to better than expected earnings. The stock is up 5% not far from a 52 week high after better than expected earnings. Revenue at the world's largest casino owner, rose 2% to $2.97 billion, ahead of projections of $2.82 billion. Billionaire founder, Sheldon Adelson, opened the $2.9 billion Parisian resort in Macau in September. The property features a half-sized replica of the Eiffel Tower, as well as a water park for kids and a shopping mall with street performers. It made its debut amid signs of a recovery in gambling in Macau, the only place in China where casinos are legal.
Fluor (FLR) is getting floored. The construction company is down 13% after reporting just 3 cents a share verse estimates of 87 cents a share. Revenue rose 9% year over year to $4.8 billion missing estimates of $5 billion. The short fall was a result of a massive after-tax charge to earnings due to cost increases on a petrochemical facility. Fluor CEO David Seaton pronounced himself "very disappointed in the construction progress" on the project that necessitated the charge to earnings.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.