Diamonds and Dogs
11/4/16
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.
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