Consumer Stocks Mixed at Mid-Day; Casino Shares Rally Following Another Jump in Macau Wagering

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Consumer stocks were mixed on Tuesday, with shares of consumer staples companies in the S&P 500 declining around 0.2%, while shares of consumer discretionary firms in the S&P 500 were ahead nearly 1.2%.

In company news, shares of casino proprietors with operations in Macau were rising Tuesday after local authorities reported another large jump in gambling revenues during March compared to year-ago levels.

Macau's Gaming Inspection and Coordination Bureau today said casino visitors wagered a total of $4.57 billion last month, up 13.1% over the same period last year. Overall, revenues this year are ahead 19.8% over the first three months of 2013 to $13.2 billion, the agency said.

Among Macau gaming companies, Melco Crown Entertainment Ltd ( MPEL ) was turning in the best performance, rising over 5.5% in recent trade to $40.79 per American depository share after an earlier session high of $41.90, up 8.4%.

Other winners today include; MGM Resorts International ( MGM ), gaining around 2.5%; Wynn Resorts Ltd ( WYNN ), up 2.4%; and Las Vegas Sands ( LVS ), adding 2.2% in mid-day trade.

In other sector news,

(+) LEE, (+2.0%) Refinances $800 mln of its long-term debt, including a $250 million first-lien term loan paying LIBOR plus 6.25%, $400 mln in 9.5% senior secured notes due December 2022 and a $150 mln 12% second-lien term loan.

(-) EVRY, (-7.5%) Posts surprise Q4 net loss of $14.3 mln, or $0.70 per share, down from a $1.1 mln profit in the year-ago period. Excluding items, it recorded a $0.05 per share loss, trailing estimates looking for EPS of $0.31.



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This article appears in: Investing , Commodities

Referenced Stocks: MPEL , MGM , WYNN , LVS

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