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 Boyd Gaming (NYSE: BYD ) rose 18% today after the company reported earnings.
So what: Revenue was up 20% in the second quarter to $738.7 million, mainly because of the Peninsula Gaming acquisition late last year. Net income was $11.6 million and adjusted earnings per share were break-even versus an expected loss of a penny.
Now what: The Las Vegas locals market is performing better than expected, resulting in a tiny rise in revenue from a year ago. That may not sound impressive, but nearly every casino outside of Las Vegas is seeing revenue decline, so the fact that the locals market is holding steady is a positive. There's still a long way to go before Boyd becomes solidly profitable or a great buy for investors, but this is a step in the right direction.
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