Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Ameristar Casinos
So what: For quite some time, the embattled Ameristar has been looking for ways to unlock shareholder value in the face of declining gaming revenues, mounting losses, and a massive debt load. Ameristar shares have performed nicely since the summer -- when it confirmed that one of those "strategic alternatives" included a possible sale -- so it's no surprise that investors are sending the stock down on today's news.
Now what: With Ameristar's "For Sale" sign coming down, it's tough to see another powerful catalyst for the shares. It looks as if Ameristar will just stick to its existing business plan, but a brutal economy, coupled with intensifying pressure from regional players like Pinnacle Entertainment
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