Macau’s June gaming revenue spiked 19% to $2.6 billion, according to new data released by the region’s gaming regulator. That figure significantly beat analyst expectations of a 9.4% bump.
Concerts by artists like Cantopop star Jacky Cheung — a cultural institution across much of Asia — are said to have boosted numbers significantly.
The outsized revenue figures sent Macau-related casino stocks including Wynn Resorts, Las Vegas Sands, and Melco up more than 6%.
Modelo maker slips on earnings miss, gloomy guidance
Constellation Brands slipped a little under 1% in after hours trading after it missed earnings estimates and gave a gloomy guidance for the rest of the year.
The company reported an adjusted earnings per share of $2.90, compared to the $3.31 analysts polled by FactSet were expecting. It also reported $2.5 billion in sales, which is about what analysts were penciling in, but down 6% from the same period last year.
The company also said it expects its full-year earnings per share to be between $12.07 and $12.37, below to the $12.66 analysts expected. Constellation’s fiscal year ends in Feburary.
The company’s executives said in its last earnings call that the Trump administration’s tariff threats and immigration policies were weighing on its sales. The company reiterated this in its executives’ prepared remarks on Tuesday.
Booze companies have found it harder to keep sales up as consumer preferences change. Constellation has been bolstered by sales of Modelo, which has in recent years become the most sold beer in the US. Still, Constellation is down about 25% since the start of the year.
At first glance, it seems like there was at least some expectation in the market that AI might be able to avoid such state rules. AI related software stocks including — Meta, Palantir and Cloudflare dropped Tuesday. As did AI data center trades including chip giants Nvidia, Advanced Micro Devices, and Broadcom.
Though it’s also possible that some rejiggering of portfolios after the end of Q2 might have something to do with today’s slump as well.
At first glance, it seems like there was at least some expectation in the market that AI might be able to avoid such state rules. AI related software stocks including — Meta, Palantir and Cloudflare dropped Tuesday. As did AI data center trades including chip giants Nvidia, Advanced Micro Devices, and Broadcom.
Though it’s also possible that some rejiggering of portfolios after the end of Q2 might have something to do with today’s slump as well.
Target pops as poster child of a massive stock market vibe shift to start Q3
Target is the best example of how the third quarter of 2025 is starting with a huge vibe shift in the stock market.
The retailer’s shares are surging as part of a massive factor rotation that’s seeing traders dump high-flying stocks and bid up cheap companies.
The iShares MSCI USA Value Factor ETF is outperforming the iShares MSCI USA Momentum Factor ETF by nearly 3%, one of its best days of relative performance this year. The retailer traded at less than 13 times its expected forward earnings, making it one of the cheaper consumer staples companies in the S&P 500 and a significant discount to the benchmark US stock index at 22x forward earnings.
The stock is also being aided by a flurry of bullish bets. More than 51,000 call contracts had changed hands by 2:22 p.m. ET, already more than double the retailer’s 20-day average. Investors are betting on a bounce with Target shares down 24% this year as the retailer struggles with slowing demand and weak guidance.
Ahead of Tesla’s first-quarter earnings, Reuters had reported that the company’s low-cost Model Y would be delayed “at least several months.” However, on the company’s earnings call the following day, executives reiterated that the low-cost models would go into production in the first half of 2025. But it looks like Reuters might be right again.
Of course, Tesla has a lot of other things going on at the moment that could be directing the company’s attention elsewhere. That includes a recent robotaxi launch, what’s expected to be disappointing Q2 delivery numbers tomorrow, as well as a renewed feud with the president of the United States that could threaten all of the above.
Ahead of Tesla’s first-quarter earnings, Reuters had reported that the company’s low-cost Model Y would be delayed “at least several months.” However, on the company’s earnings call the following day, executives reiterated that the low-cost models would go into production in the first half of 2025. But it looks like Reuters might be right again.
Of course, Tesla has a lot of other things going on at the moment that could be directing the company’s attention elsewhere. That includes a recent robotaxi launch, what’s expected to be disappointing Q2 delivery numbers tomorrow, as well as a renewed feud with the president of the United States that could threaten all of the above.
Warner Bros. Discovery slumps after Condé Nast family offloads $1 billion in shares
Shares of Warner Bros. Discovery fell more than 5% Tuesday morning after the Newhouse family — longtime media titans and owners of Condé Nast — announced a $1.1 billion share sale.
According to a securities filing, the family is offloading 100 million shares at $10.97 apiece in a block trade through their Advance holding company.
The sale is intended to provide “financial flexibility to support the Reporting Persons’ ongoing estate planning, its investment program, and for other general corporate purposes.”
WBD shares are still up about 3% year to date and 53% over the past 12 months.
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