LOS ANGELES (MarketWatch) -- MGM Mirage Inc.
shares jumped nearly 6% Monday evening after the
casino operator posted an unexpected quarterly
profit, while Chesapeake Energy Corp. shares
slumped after the natural gas provider's
adjusted earnings came in short of expectations.
MGM Mirage
(MGM:
MGM
Mirage Inc
Last:
9.42+1.56+19.85%
4:00pm
05/04/2009
Delayed quote
data
Sponsored by:
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MGM 9.42,
+1.56,
+19.9%)
shares rose 5.7% to $9.98, but pared
stronger gains. The company said its
first-quarter profit fell to $105.2 million, or
38 cents a share. The results for the latest
quarter included a gain of 44 cents a share from
the company's sale of its Treasure Island casino
in Las Vegas.
In the year-ago period, earnings were $118.3
million, or 40 cents a share. But analysts
surveyed by Thomson Reuters were looking for a
loss of 7 cents a share for the most recent
period. Revenue fell to $1.66 billion from $2.06
billion in the same quarter a year ago.
Excluding promotions, revenue fell to $1.5
billion from $1.88 billion. Wall Street expected
revenue of $1.58 billion.
The quarterly report arrived on the heels of a
deal reached last week between MGM, Dubai World
and its lenders, aimed at ensuring the
completion of the massive, mixed-use CityCenter
project in Las Vegas.
MGM shares leaped 20% during the regular
session.
Late-traded shares of MGM rival Las Vegas Sands
(LVS:
las
vegas sands corp com
Last:
9.43+1.43+17.88%
4:00pm
05/04/2009
Delayed quote
data
Sponsored by:
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LVS 9.43,
+1.43,
+17.9%)
rose 4.5% to $9.93, and Wynn Resorts Ltd.
(WYNN:
wynn
resorts ltd com
Last:
43.04+3.88+9.91%
3:59pm
05/04/2009
Delayed quote
data
Sponsored by:
WYNN 43.04,
+3.88,
+9.9%)
rose 2.2% in light volume of about 43,300
shares exchanged.
Chesapeake
(CHK:
Chesapeake
Energy Corp
Last:
22.81+1.92+9.17%
4:00pm
05/04/2009
Delayed quote
data
Sponsored by:
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CHK 22.81,
+1.92,
+9.2%)
shares fell 6.9% to $21.25 after the
company's report of a first-quarter loss of
$5.75 billion, or $9.63 a share. The loss
included a $6 billion write-down in the value of
its oil and natural gas properties to reflect a
sharp drop in energy prices.
Earnings excluding one-time items were 46 cents
a share, below the estimate of 50 cents a share.
Revenue rose to $2 billion from $1.61 billion,
above the $1.85 billion expected by analysts.
See
full story on Chesapeake Energy loss.
McKesson Corp.
(MCK:
McKesson
Corp
Last:
39.10+1.17+3.08%
3:59pm
05/04/2009
Delayed quote
data
Sponsored by:
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MCK 39.10,
+1.17,
+3.1%)
shares lost 3.4% to $37.80 after the
health-care services provider forecast per-share
earnings of $3.90 to $4.05 in 2010. Analysts
currently project McKesson to make $4.08 a
share.
For the fourth quarter, profit was $281 million,
or $1.01 a share, down from $307 million, or
$1.05 a share, a year ago. The most recent
results included a one-time, non-cash charge of
$63 million. Revenue remained flat at $26.2
billion. Analysts polled by Thomson Reuters were
looking earnings of $1.15 a share on sales of
$27.33 billion.
Ahead of the late-trading session, U.S. stocks
rallied, finding strength in part from a report
that construction spending rose for the first
time in six months during March.
The S&P 500 Index
($SPX:
S&P
500 Index
Last:
877.52+4.71+0.54%
4:59pm
05/01/2009
Delayed quote
data
Sponsored by:
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$SPX 877.52,
+4.71,
+0.5%)
is now positive on a year-to-date basis,
rising 2.7% to 907.24. The Dow industrials
($INDU:
Dow
Jones Industrial Average
Last:
8,212.41+44.29+0.54%
4:02pm
05/01/2009
Delayed quote
data
Sponsored by:
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$INDU 8,212.41,
+44.29,
+0.5%)
climbed 214 points, or 2.6%, to 8,426.74,
and the Nasdaq Composite
(COMP:
Nasdaq
Composite Index
Last:
1,719.20+1.90+0.11%
5:15pm
05/01/2009
Delayed quote
data
Sponsored by:
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COMP 1,719.20,
+1.90,
+0.1%)
rose 1.9% to 1,763.56.
Carla Mozee is a reporter
for MarketWatch, based in Los Angeles.
