This week’s stock performers: The best and the worst locally
2 November 2012
Biggest gainer: American Pacific
During a trading week shortened by the Hurricane Sandy, U.S. stocks edged up, with the Standard & Poor's 500 index rising 0.2 percent.
The biggest gainer among local companies was chemical maker American Pacific Corp., which finished at $12.88, up 3.1 percent from its Oct. 26 close.
The company this week said it completed refinancing its senior debt as it entered into a new $85 million senior secured credit agreement.
Also this week, American Pacific said it has been in talks with activist investor Cornwall Capital Management LP about potential representation on the American Pacific board by one or more Cornwall designees. Cornwall has a 13 percent stake in American Pacific.
Biggest loser: Boyd Gaming
Gaming stocks were mixed this week, with Las Vegas Sands Corp., Wynn Resorts Ltd. and IGT rising while Bally Technologies Inc. fell and MGM Resorts International and Caesars Entertainment Corp. declined from their Oct. 26 closing prices after reporting quarterly losses.
The biggest decliner among all local stocks was Boyd Gaming Corp., which finished down 57 cents, or 9.4 percent, for the week, with a close of $5.52. Boyd said its half-owned Borgata resort played unlucky at the gaming tables, while net revenue fell at its Las Vegas properties.
''We believe Station Casinos is retaking market share since emerging from bankruptcy given the local Las Vegas patron resurgence of confidence in Station’s player reward programs," Sterne Agee analyst David Bain said in a report on the Boyd earnings. ''In addition, Station has 14 casinos in the Las Vegas Valley area and can leverage its scale for advertising opportunities relative to Boyd's much-smaller Las Vegas locals portfolio. We continue to believe the Las Vegas locals market will lag most other regional gaming market recoveries due to several macro-economic factors.''
Hoping to improve the performance of its locals casinos, Boyd this week announced a focus on casual players and introduced themed "Penny Lane" areas featuring penny slots at the Orleans, Gold Coast, Suncoast and Sam's Town.
Boyd also hopes to profit from its growing collection of casinos in the South and Midwest, where state economies are in better shape than Nevada's.
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