Wynn Resorts (WYNN) sunk to the bottom of the S&P 500 today after China said it would limit ATM withdrawals in Macau.
Shares of Wynn Resorts dropped 11% to$90.72 today, while the S&P 500 gained 0.2% to 2,246.19.
My colleague Dimitra DeFotis, who runs Barron’s Emerging Markets Daily, explains what happened:
The move is another in a series to tackle the flight of illicit Chinese cash via casinos. According to a South China Morning Post story, Macaus monetary authority is halving the cash withdrawals allowed for holders of China UnionPay bank cards, effective Saturday. Billions of yuan reportedly have disappeared from the mainland, despite government currency restrictions on card purchases of gambling chips.
Wynn wasn’t the only Macau casino operator that took it on the chin today. Las Vegas Sands (LVS) tumbled 13% to $54.67, while Melco Crown Entertainment (MPEL) plunged 14% to $16.87, and MGM Resorts International (MGM) dropped 4.3% to $28.65.
Top 10 Casino Stocks To Own For 2018: United States Steel Corporation(X)
- [By Ben Levisohn]
U.S. Steel (X) got a pop this morning, following China’s market. Since then, it’s been all downhill.
I’m not sure I can pinpoint a reason why. Base metals seemed to have a good day, with Comex Copper for April delivery having gained 2.7% to $2.675 per pound today, while nickel also gained.
But U.S. Steel is getting killed, as are AK Steel (AKS), Steel Dynamics (STLD) and Nucor (NUE). Can we chalk it up to Paul Ryan’s comments that tax reform could take longer than health care reform, which also seems to be tanking the overall market?
Whatever it is, here is Axiom Capital’s Gordon Johnson on why he’s worried about steel imports:
As we have stated previously, we feel President Trumps administration will likely resort to countervailing duties/tariffs to penalize the countries it deems are cheating (not 201/301 actions). However, given roughly 88 countries import steel into the US, we question how effective this approach will prove as many countries will simply re-route steel to the countries who can ship into the US, ultimately allowing the steel to find its way to our shores.
Shares of U.S. Steel have slumped 3.5% to $32.70 at 3:47 p.m. today, while AK Steel has tumbled 4.9% to $6.84, and Steel Dynamics has dropped 3.4% to $34.10, and Nucor is off 1.4% to $59.62.
- [By ]
Tariffs or no tariffs, steel and aluminum stocks have enjoyed one heck of a comeback move over the past six months. US Steel Group Inc. (NYSE:X) is up almost 75% over the past six months:
- [By Javier Hasse]
Steel stocks are spiking on Monday afternoon, with AK Steel Holding Corporation (NYSE: AKS) up almost 7.5 percent, United States Steel Corporation (NYSE: X) up about 6.4 percent, Cliffs Natural Resources Inc (NYSE: CLF) up more than 1 percent and Mechel PAO (ADR) (NYSE: MTL) up 16.8 percent. The stocks are not being helped by a few analyst upgrades (although, surely not hurt by them), but seem to be mostly rallying on the back of Donald Trump’s election as president of the United States.
- [By Merrick Weingarten]
Steel stocks were up big on Tuesday ahead of the Department of Commerce hearing on the Section 232 probe. The DoC is set to come out with more details regarding the impact steel imports has on U.S. national security.
United States Steel Corporation (NYSE: X): Up 5.27 percent. AK Steel Holding Corporation (NYSE: AKS): Up 9.55 percent. Nucor Corporation (NYSE: NUE): Up 3.54 percent. Steel Dynamics, Inc. (NASDAQ: STLD): Up 4.08 percent. Worthington Industries, Inc. (NYSE: WOR): Up 3.29 percent.
A Jefferies research analyst suggested a high probability of the DoC institutes more incremental trade defense measures but noted most of the investigation remains unknown going into Wednesday.
- [By Rafi Farber]
While United States Steel Corp. (NYSE: X) has clear and obvious benefits from a Trump presidency, it has already climbed over 35% since election day and has blown by 12-month consensus estimates of $22.5 a share by 27%. If Trump has been vocal about anything consistently, it has been his intention to slap tariffs on Chinese imports, with specific emphasis on Chinese steel dumping which he thinks hurts America, even though Americans are the ones choosing to buy it freely.
Top 10 Casino Stocks To Own For 2018: Midatech Pharma PLC(MTP)
- [By Money Morning Staff Reports]
But before we show you our pick, here are the top 10 penny stocks to watch this week…
Penny Stocks Current Share Price (as of Jan. 5) Jan. 2-5 Gain (as of Jan. 5)
My Size Inc. (Nasdaq: MYSZ) $1.66 152.28%
Cytori Therapeutics Inc. (Nasdaq: CYTX) $0.47 89.52%
DelMar Pharmaceuticals Inc. (Nasdaq: DMPI) $1.675 58.02%
CAS Medical Systems Inc. (Nasdaq: CASM) $1.09 55.71%
China HGS Real Estate Inc. (Nasdaq: HGSH) $1.83 47.58%
Aethlon Medical Inc. (Nasdaq: AEMD) $1.56 43.12%
Midatech Pharma Plc. (Nasdaq: MTP) $1.23 43.01%
Comstock Holding Cos. Inc. (Nasdaq: CHCI) $1.87 36.5%
Cenveo Inc. (Nasdaq: CVO) $1.20 31.82%
EV Energy Partners LP (Nasdaq: EVEP) $0.6844 31.62%
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Top 10 Casino Stocks To Own For 2018: Rice Midstream Partners LP(RMP)
- [By Paul Ausick]
Rice Midstream Partners LP (NYSE: RMP) posted a new 52-week low of $16.87 on Monday, down about 31% compared with Friday’s closing price of $24.36. Volume totaled around 8.3 million shares, nearly 25 times the daily average of around 840,000. The company and its sponsor, Rice Energy, were acquired by EQT Corp.
- [By Zacks]
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Top 10 Casino Stocks To Own For 2018: Beazer Homes USA, Inc.(BZH)
- [By Dan Caplinger]
The stock market performed well on Tuesday, responding to steady improvement among many companies as earnings season kicked into high gear. Although political issues are likely to remain in the spotlight for some investors for the foreseeable future, many market participants are looking to economic and business issues in driving their investing decisions. Major market benchmarks finished the day with gains of 0.5% to 1%, but some stocks did much better. Among the best performers on the day were Allegheny Technologies (NYSE:ATI), II-VI (NASDAQ:IIVI), and Beazer Homes (NYSE:BZH). Below, we’ll look more closely at these stocks to tell you why they did so well.
Top 10 Casino Stocks To Own For 2018: (PAT)
- [By Elizabeth Loring]
Last week Patriot One Technologies (OTCQB: PTOTF) (TSX VENTURE: PAT), the Toronto, Ontario based company that aims to limit the spread of active violence through superior detection technology by instantly identifying concealed weapons, even on moving targets. announced the appointment of Mr. John Gillies as a member of it’s Board of Directors.
- [By Sara Cornell]
With a growing need for global security both on the national defense front as well as in the cyber security arena, Patriot One Technologies Inc., (TSX.V: PAT) (OTCQB: PTOTF) is taking advantage of increasing security demands by entering into an agreement with a strategic industry partner in order to significantly broaden its product and commercialization offerings.
- [By Sara Cornell]
In a move that should resonate well with investors, Patriot One Technologies (OTCQB: PTOTF) (TSX-V: PAT) today announced a reseller agreement with JJB Federal LLC and its specialty sales division UnitedEye Inc. Patriot One Technologies has developed PATSCAN, a first-of-its-kind concealed weapons detection system to combat active shooter threats before they occur. The agreement should help Patriot One distribute and install its concealed weapons detection system in strategic locations much faster and with greater efficiency, ultimately providing enhanced protection to citizens across the globe.
Top 10 Casino Stocks To Own For 2018: Eagle Bancorp, Inc.(EGBN)
- [By Lisa Levin]
On Monday, the financial sector proved to be a source of strength for the market. Leading the sector was strength from Eagle Bancorp, Inc. (NASDAQ: EGBN) and BankUnited (NYSE: BKU).
- [By Paul Ausick]
Eagle Bancorp Inc. (NASDAQ: EGBN) dropped 28% Friday to post a new 52-week low of $47.65 after closing at $66.15 on Thursday. The stock’s 52-week high is $69.80. Volume of around 3.6 million was more than three times the daily average. The bank holding company had no specific news Friday.
Top 10 Casino Stocks To Own For 2018: Cipher Pharmaceuticals Inc.(CPHR)
- [By Benzinga News Desk]
Cipher Pharmaceuticals (NASDAQ: CPHR) is said to have hired an investment bank to explore strategic alternatives, according to sources as reported by Reuters on Monday. The sources said a potential sale of the Canada-based company is being considered. Cipher declined comment on the report.
Top 10 Casino Stocks To Own For 2018: Apollo Education Group, Inc.(APOL)
- [By Peter Graham]
The Q1 2017 earnings report for small cap for-profit education stock Apollo Education Group Inc (NASDAQ: APOL) is scheduled for after the market closes on Monday (January 9th). Last February, Apollo Education Groupannounced a definitive agreement to be acquired by a consortium of investors including The Vistria Group, LLC, funds affiliated with Apollo Global Management, LLC (NYSE: APO), and Najafi Companies for $9.50 per share in cash for both Class A and B shares. However, the for-profit education sector along with certain aspects of the Apollo deal have been targeted by the Obama administration and it remains to be seen how the Trump administration will treat the sector and the deal.
Top 10 Casino Stocks To Own For 2018: RAIT Financial Trust(RAS)
- [By Lisa Levin]
Shares of RAIT Financial Trust (NYSE: RAS) were down 9 percent to $1.09. FBR Capital downgraded RAIT Financial Trust from Buy to Neutral.
Rave Restaurant Group Inc (NASDAQ: RAVE) was down, falling around 18 percent to $1.65. RAVE Restaurant reported a $5 million equity rights offering.
Top 10 Casino Stocks To Own For 2018: VistaGen Therapeutics, Inc. (VTGN)
- [By Money Morning News Team]
For instance, VistaGen Therapeutics Inc. (Nasdaq: VTGN) shot up 177%, from $0.92 to $2.55, on Dec. 6, when it announced it won a patent for its CNS treatment.
- [By Money Morning Staff Reports]
For instance, VistaGen Therapeutics Inc. (Nasdaq: VTGN) shot up from $0.92 to $2.55 on Dec. 6. Since then, the stock pulled back to $1.07. Investors who bought at $2.55 are sitting on a 58% loss today (Jan. 8).
- [By William Romov]
VistaGen Therapeutics Inc. (Nasdaq: VTGN) is among the top penny stocks to watch this week after climbing 135% in just three trading sessions last week.