As the markets were getting weaker MPEL was getting stronger making a run to the bell on strong volume. Looking at my L2, Yahoo is wrong on the closing price. It should be 14.04 the HOD. This is a common mistake on Yahoo and other reporting sites. The 14.02 was a late trade that showed up in extended hours but the time stamp was 13:00. I see this all the time
Light volume in pre-market Melco Crown Entertainment (MPEL) Stock Gains Despite Q2 Revenue Miss https://www.thestreet.com/story/136...e-q2-revenue-miss.html?puc=yahoo&cm_ven=YAHOO
Crazy trading today as MPEL was up over 3% early on then was was down almost 4% down to close down 14 cents in a weak market. I think MGM CEO's positive comments about Macau may have helped.
A more upbeat report than the ones released in the US Melco Crown 2Q profit up, confirms VIP at Studio City http://www.ggrasia.com/melco-crown-2q-profit-up-confirms-vip-at-studio-city/
The volume was low for MPEL but closing on the HOD and leading the gaming sector. Even the downgrade by JP Morgan, posted by @LloydWCoutee could not stop the upward movement today. Unless the shorts can come up with bigger ammo MPEL should continue up. Next big resistance is at about 14.80
Considering the mini-run and markets and gaming today, MPEL held up well. Now a little less from the RSI overbought level
Always good to make your employee's happy now let's get another special dividend for the share holders MPEL pays extra salary under summer bonus scheme http://www.ggrasia.com/mpel-pays-extra-salary-under-summer-bonus-scheme/
MPEL still overbought but cracked $15 as it back in favor as Macau is less bad as gov is opening lines to increase visitation.
And crack $15 it did on strong volume leading the gaming sector. Now overbought maybe a little pull back near term but expect it to push to 16 and higher
MPEL taking a hit this morning and probably on this even though I think it is positive if the company buy Packers shares for the long term Packer Chases Spinoff Approvals as Macau Slump Dents Earnings Crown Resorts Ltd., the casino operator controlled by billionaire James Packer, said it’s pursuing regulatory approvals to hive off some of the company’s international investments as the gambling downturn in Macau dents earnings. The Melbourne-based company plans to spin off overseas assets including a $2 billion stake in Macau casino operator Melco Crown Entertainment Ltd. The separation would shield Packer’s Australian assets from a prolonged downturn in the Chinese gambling hub. http://finance.yahoo.com/news/packer-chases-spinoff-approvals-macau-003207001.html
Here is a trend breaker even though I am not buying into it. Melco Crown deals with more Macau malaise Melco Crown dropped 8% in the wake of disturbing news from the Asian gaming capital of Macau. The casino company's Studio City project, in which Melco Crown holds a majority interest and U.S. hedge funds hold the remaining minority interest, appears to have investors worried about its potential success. A Bloomberg report noted that the hedge funds had issued high-yield bonds to help finance their investment in the project, and the prices of those bonds have recently fallen to huge discounts compared to their par value. That suggests a high risk of potential default. In addition, bond rating agency S&P Global Ratings reduced its view on a different set of bonds tied to Studio City. Melco emphasized that Studio City bondholders have no recourse to Melco's other assets, but that doesn't mean the casino company won't take a hit if fears of a default or breach of covenants on Studio City's loans end up happening. http://www.fool.com/investing/2016/...utm_medium=feed&utm_source=yahoo-2&yptr=yahoo
Funny how supposedly Macau has been the cause for the Big 4 pulling back yet the only pure Macau play was up in a down market and led the gaming sector.
