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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: Shares of Melco Crown Entertainment (Nasdaq: MPEL ) slumped 12% in early trading before closing down 3%. The company said in a statement that it has applied to list on the Hong Kong city exchange and could issue new shares.
So what: The listing is probably a formality. A secondary offering, on the other hand, would dilute existing investors who want nothing to get in the way of a rally that's seen the stock of the Macau casino operator more than triple over the past year.
Now what: To be fair, the selloff may also be due to a broad sector decline. Hong Kong equivalents of Wynn Resorts (Nasdaq: WYNN ) and Las Vegas Sands (NYSE: LVS ) each fell more than 7% on U.S. economic fears, Bloomberg reported. Do you believe the dip in these stocks is a buying opportunity? Weigh in using the comments box below.
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