Benzinga's After Hours Decliners (MGM, LVS, BYD, KBH)
Among the notable stocks moving lower in the after hours trading session, are Las Vegas Sands (NYSE: LVS), MGM Mirage (NYSE: MGM), Boyd Gaming (NYSE: BYD) and KB Home (NYSE: KBH). See a theme here? Casino stocks are getting taken down in late trading. The only non-casino name is KBH.
Tonight on Fast Money, Steve Cortez said that he is outright short of Las Vegas Sands (LVS). That is risky, as the stock has been on fire, gaining nearly 30% in the last three months. It may be a solid bet, however, because some weakness appears to be coming into the stock. During regular market hours, LVS lost 1.6% and in late trading it dropped another 2.54% to $23.39.
MGM Mirage (MGM) was the weakest casino name in the after hours. The stock lost 5.58% to $14.55. MGM had finished the regular session flat. After the market closed, MGM preannounced saying that they expect a first quarter loss of approximately $0.22 per share on revenue of $1.46 billion. Current consensus is a loss of $0.22 on revenue of $1.44 billion. The guidance was not awful, as they are in line with EPS estimates and slightly above revenue expectations, but the Street is obviously disappointed that the company will not likely provide much upside to estimates.
MGM's announcement appears to be dragging on Boyd Gaming (BYD) as well, as that stock fell 4.96% in the after hours to $11.50. Keep an eye on all of these casino names in the pre-market and at the open tomorrow morning.
The only non-casino related stock of note which has been knocked down in the after hours is KB Home (KBH). Those shares tumbled 2.70% to $16.76 in late trading. The stock had notched gains of 2.99% during the regular session. Volume was light, so this is probably not a significant development.
