Sellers Relentless on Las Vegas Sands (LVS); Stock Down 15%
More News related to F
- Notable Mergers and Acquisitions of the Day for 11/27: F, S/IPCS, STAR/CSCO, HRAY
- Ford (F) and Geely Reportedly Clear Hurdle On Possible Volvo Deal
- Ford, UDM Retrain Automotive Engineers to Compete in New Era of Electric Vehicles
- Ford Motor (F) Completes Amendment of $7.2B Revolving Credit Facility
- Ford Completes Plan to Amend and Extend Existing Revolving Credit Facility
More News related to LVS
- Las Vegas Sands' (LVS) Sands China Secures $1.75B in Financing Commitments for Cotai Strip Resort
- Project Financing Commitments for Las Vegas Sands Cotai Strip Development Complete at $1.75 Billion
- Las Vegas Sands (LVS) volatility low into China IPO and Dubai uncertainty
- Casino Stocks Tumble Sharply Amid Dubai Concerns (MGM, LVS, WYNN)
- Notable Analyst Rating Changes 11/13: GT, QCOM, JNPR, ATK, CRM Upgraded; SUN, V, AAP, PWRD Downgraded
More News related to MGM
- Casino Stocks Tumble Sharply Amid Dubai Concerns (MGM, LVS, WYNN)
- Winning Vinny Named in New York-New York Spokesperson Competition
- Las Vegas' CityCenter Announces Grand Opening Media Events
- City of Gold: Vegas' CityCenter Earns Six LEED(R) Gold Certifications for Hotels, Residences and Retail District Opening This December
- CityCenter Web Site Brings Groundbreaking New Las Vegas Destination to Life
More News related to Corporate News
- Hydrogenics Resumes Trading Under NASDAQ Symbol "HYGS"
- Varian Medical (VAR) to Highlight its New Range of Detectors at Annual RSNA Meeting in Chicago
- Manulife (MFC) Confirms No Exposure to Dubai World
- Activision's (ATVI) Call of Duty Amasses $3 Billion in Global Sales
- Seiko Epson to Transfer Sales Function of Small and Medium-Sized TFT LCD Business to Sony (SNE)
After opening today's trading session about 7% higher, shares of Las Vegas Sands (NYSE: LVS) are now down more than 15% but off the session lows. The stock has been absolutely hammered since the beginning of October, when its stock price was over $36. With shares of Las Vegas Sands trading under $5 today, the companies market value has fallen about 85% in less than one month of trading.
Despite attempts by Las Vegas Sands' CEO, Sheldon Adelson, to stabilize the stock by buying about $475 million in convertible notes, traders continue to relentlessly sell the stock amid consumer spending concerns. These worries were reinforced today when consumer confidence for the month of October came in at a record low of 38, which was well below the Street's estimate of 52.
Just after Las Vegas Sands' Adelson pounded the table on Vegas, an even more high profile investor, Kirk Kerkorian, disclosed that he was beginning to sell his shares of Ford (NYSE: F) in order to "focus on his investment in MGM MIRAGE (NYSE: MGM)", where he is the largest shareholder. Despite another vote of confidence for casino and gaming investors, the stocks have continued to plummet this month. Shares of MGM are currently down about 7% to $9.36 and the other top casino operator, Wynn Resorts (Nasdaq: WYNN) is down 6% to about $31.50.
Las Vegas Sands Corp. and its subsidiaries develop multi use integrated resorts worldwide.
Related Categories
Corporate NewsInsiders' Blog
Stocks Mentioned
-0.08Related Entities
Comments
LVS
All Lifestyle stocks, gaming,(LVS) motorhomes, motorcyles (Hog),High end Hotoels, have and will continue to have problems in this economy.
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
LVS
Peter on Oct 28, 2008 10:38 PMLVS is too leveraged in a deleveraging economy. Will not be able to refinance its mortgages - so bAnkruptcy is possible. Even Adelson wouldn't buy the stock -- only notes where he might get something back in bankruptcy.