Tuesday, May 22, 2007

M&A News Enters The Gaming Sector

The S&P 500 was poised to close at a new all-time high yesterday, but faded into the close to miss the mark. It needs to close above 1527 to achieve this feat, but it's all-time intraday high from March 2000 is actually 1553.

The market was a touch soft at the open, but some sectors such as homebuilders and biotechs were bucking the weakness.

In M&A news, Kirk Kerkorian's company announced it wants to buy MGM's Bellagio and CityCenter. The news spiked MGM's stock +30%, and also put a bid under LVS, WYNN, BYD, etc.

Asian markets were mixed overnight; bond yields are steady with the 10-year at 4.79%; and the new oil contract is trading, down -$0.70 to $65.50. All of the energy stocks have been on an absolute tear recently, especially natural gas stocks.

long LVS


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