Casinos in the Macau market were among the losers on the
Wednesday, after the Chinese gambling hub's revenue underwhelmed Wall Street.
Macau gaming revenue growth of 55% was
well below the expected 75%, according to Morgan Stanley analyst Celeste Mellet Brown.
Las Vegas Sands
dropped 8.8% to $131.78,
fell 8.4% to $151.91 and
dropped 6.9% to $17.62.
edged lower 5.5%, after announcing following the prior close it would sell $100 million in convertible senior notes due 2027 to institutional buyers. The dry bulk carrier expects initial purchasers to have the option of buying up to $25 million notes to cover over-allotments. Shares fell $3.41 to $59.
were down 17.6% after the company said it was suspending drilling on its Elk-2 well in Papau New Guinea and moving its equipment to another well nearby. CEO Phil Mulacek expressed encouragement for increased potential natural gas resources in the Elk structure and the company set a conference call for Thursday to discuss Elk-2 and other company explorations. The stock plummeted $5.05 to $23.65.
Companhia Vale do Rio Doce
were dropping 6.9% after JPMorgan downgraded the miner to neutral from overweight. The stock was trading down $2.44 to $33.01.
On the positive side, shares of
were gaining 1.7% the morning after the heavy machinery maker announced an initial order for $3.8 million of its C200 microturbine systems for biogas applications from Greenviornment Oy, its distributor in Finland and Germany. The order is set to begin September 2008 with completion no later than October 2009, according to Greenvironment. Capstone shares were up 2 cents to $1.17.
Independent oil and gas driller
( TXCO) also saw shares rise 10% after it announced a joint partnership with EnCana Oil & Gas to drill parts of EnCana's Maverick Basin block in Southwest Texas. A drill stem test indicated the area has the potential to be "a major producing interval" in the Maverick Basin, according to CEO James Sigmon. The stock was up 95 cents to $10.41.