Casino & Gaming Stocks Tumble as Traders Continue to Sell (LVS, MGM, WYNN, more)

June 7, 2010 3:30 PM EDT
Stocks in the Casino & Gaming group are getting slammed today amid little fundamental news in the sector. Traders may be using Goldman Sachs' 2010 Lodging, Gaming, Restaurant & Leisure Conference, currently being held in New York City, as a "sell the news" event this afternoon.

Other than that, today's sectorwide decline simply looks like a continuation of Friday's move lower. As technicals have been dominating investor psychology recently, traders might look to such indicators as the 200- and 50- day moving averages, for example, to get a feel for where the market could be headed next.

Around the sector today:
  • Las Vegas Sands (NYSE: LVS) down 5.6% to $22.88
  • MGM Mirage (NYSE: MGM) down 7.9% to $11.17
  • Wynn Resorts (Nasdaq: WYNN) down 4.8% to $75.99
  • Boyd Gaming (NYSE: BYD) down 8.3% to $10.92
  • Pinnacle Entertainment (NYSE: PNK) down 5.3% to $10.89
  • Ameristar Casinos (Nasdaq: ASCA) down 3.4% to $16.93
It should be noted that the only company-specific news we have seen from the above stocks was a rating downgrade on Boyd from Moody's, however this downgrade was issued too late in the trading session to have affected any of the charts.

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