2 Stocks Trading Heavily
Here’s a look at some of the stocks making big moves in after hours trades after markets plunged more than 600 points on the day. It was the worst single day of trading in nearly three years. The Dow (NYSE:DIA) closed at 10809, its lowest level since the Fall of 2010. The NASDAQ (NASDAQ:QQQ) and S&P 500 (NYSE:SPY) were hit even harder, losing -6.90% and 6.66% respectively. Many believe the sell-off was prompted by Standard and Poor’s decision late Friday to lower its credit rating on US Sovereign Bonds from AAA to AA+.
Take-Two Interactive Software Inc (NASDAQ:TTWO) stock is off -4.16% after the closing bell as the video game developer’s fiscal first quarter earnings failed to wow, widely missing earnings expectations. On Monday the firm reported a fiscal first-quarter loss of $8.6 million, or 11 cents a share, on revenue of $334.4 million, compared with a profit of $27.4 million, or 31 cents a share, on $375.4 million in sales in the same period a year ago. Analysts had forecast Take-Two to earn 10 cents a share on $353.5 million in revenue.
Casino and entertainment company MGM Resorts (NYSE:MGM) stock slipped -2.17% after hours following the release of its second quarter earnings. Net income totaled $3.44 billion, or $6.22 per share. That compares to a net loss of $883.5 million, or $2 per share last year. Excluding a gain of $3.5 billion related to acquiring a controlling interest in MGM China Holdings Ltd., net loss totaled 8 cents per share. Analysts expected earnings of 14 cents per share. Revenue rose nearly 17 percent to $1.81 billion from $1.55 billion last year, topping analysts’ forecast of $1.58 billion. The rest of the casino sector took a bath on the day: Las Vegas Sands Corp. (NYSE:LVS), Wynn Resorts, Limited (NASDAQ:WYNN), Melco Crown Entertainment Ltd (NASDAQ:MPEL), Boyd Gaming Corporation (NYSE:BYD), Century Casinos, Inc. (NASDAQ:CNTY), Ameristar Casinos, Inc. (NASDAQ:ASCA), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI).