This week’s stock performers: The best and the worst locally
9 November 2012
Biggest local gainer: Global Cash Access
Stocks fell broadly this week as investors absorbed the presidential election result and the renewed attention to the looming fiscal cliff, with the benchmark Standard & Poor's 500 index off 2.4 percent.
With a few exceptions, gaming stocks fell from their Nov. 2 closing prices with declines registered by Caesars Entertainment, down 11.22 percent; Wynn Resorts, down 10.3 percent; Boyd Gaming, down 8.1 percent; Las Vegas Sands, off 5.6 percent; Bally Technologies, down 5.1 percent; MGM Resorts International, down 2.3 percent; and SHFL entertainment, off 2 percent.
Among the few local companies to see their stock prices rise this week were Allegiant Travel, up 1.3 percent; and casino suppliers IGT, up 4.4 percent, and Global Cash Access Holdings, up 5.3 percent. IGT and Global Cash reported strong earnings and boosted their future earnings guidance as they expect to benefit from casino openings, casinos buying replacement equipment and the emerging Internet gaming sector. Another gainer was casino supplier Gaming Partners International, up 1.2 percent.
Biggest local decliner: Galaxy Gaming
Despite reporting stronger financial results, utilities NV Energy and Southwest Gas saw their stock prices fall from their Nov. 2 closing levels. They finished the week down 5.5 percent and 2.8 percent, respectively.
The biggest local decliner was penny stock Galaxy Gaming, down 13 percent to 20 cents. It plans to report quarterly financial results next week and may comment on a lawsuit filed against it by Bank of America over a financial dispute.
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