Las Vegas Sands Stock Drops Amid Macau Renovations
July 9, 2024
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Las Vegas Sands Stock Drops Amid Macau Renovations

Key Takeaways

  • The S&P 500 edged 0.2% lower on Thursday, April 18, 2024, in its fifth consecutive day of losses amid concerns about inflation.
  • Las Vegas Sands shares fell as the casino operator said a remodeling project at a property in Macau would weigh on its results.
  • Shares of Genuine Parts Co. jumped after the auto parts distributor raised its full-year profit guidance.

After trading higher for much of the day, major U.S. equities indexes lost ground in the afternoon to end Thursday’s session mixed.

The S&P 500 slipped 0.2%, recording its fifth consecutive losing session amid concerns that inflation has not cooled enough for the Federal Reserve to begin lowering interest rates. The Nasdaq was down 0.5%, while the Dow was little changed with a slight gain of 0.1%.

Las Vegas Sands ( LVS ) exceeded forecasts with its first-quarter revenue and profit results, but shares of the casino operator plunged 8.7%, marking the steepest losses among S&P 500 stocks. The downturn came as the company said renovations at a hotel and resort in gaming hotspot Macau would weigh on its results this year.

Equifax ( EFX ) shares tumbled 8.5% after the consumer credit scoring firm issued weaker-than-expected guidance for the current quarter. Although it has benefitted from new ratings products that use artificial intelligence and machine learning technology, Equifax expects a decline in credit inquiries for mortgage loans as interest rates remain elevated.

Shares of Snap-on ( SNA ), which provides provides professional tools and equipment for the transportation industry, fell 7.7% after the company’s first-quarter revenue fell shy of expectations. Soft demand for power tools and a cutback in spending by vehicle service and repair technicians affected Snap-On’s sales results.

The top daily performance in the S&P 500 belonged to Genuine Parts ( GPC ). Shares jumped 11.2% after the auto parts distributor boosted its full-year profit guidance . Although lower maintenance spending restrained sales in its industrial parts business, the company managed to improve its gross margin through strategic pricing initiatives.

United Airlines ( UAL ) shares advanced 5.5% on Thursday, adding to 17.5% gains posted in the previous session after the carrier posted a lower-than-expected loss for the first quarter. United said the grounding of Boeing’s ( BA ) 737 MAX 9 aircraft hindered its profitability but highlighted adjustments to its fleet in response to shifting delivery schedules from manufacturers.

Shares of Estee Lauder ( EL ) gained 4.9% following positive comments from analysts at Deutsche Bank. According to the analysts, the cosmetic maker’s stock could receive a boost from its upcoming earnings report, which is set to be released on May 1.

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