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 Pinnacle Entertainment (NYSE:PNK) fell 6.3% Thursday on a disappointing earnings report.

So what: The casino operator said sales jumped 108% in the second quarter, to $555.2 million, primarily due to its earlier addition of Ameristar Casinos properties. That figure just missed the consensus estimate of $557 million, and without the acquisition of Ameristar and the addition of the Belterra Park casino, sales would have actually fallen slightly. On the bottom line, adjusted earnings per share improved from $0.13 to $0.37, but that was also short of the consensus of $0.47.  

Now what: In the earnings press release, CEO Anthony Sanfilippo said the "second quarter financial results do not reflect our best effort," adding that Pinnacle's portfolio of properties has much more potential. Still, this was a transitional quarter for the company as it integrated the Ameristar properties and rolled out the mychoice player loyalty program, among improvements in information technology and other infrastructure. In the afternoon, Orange Capital, a hedge fund and investor in Pinnacle, made public its proposal that the company convert to a real estate investment trust. Shares didn't move in response to that news, but the proposal presents an additional option for a company with nearly flat organic revenue growth.

Leaked: Apple's next smart device (warning, it may shock you)
Apple recently recruited a secret-development "dream team" to guarantee its newest smart device was kept hidden from the public for as long as possible. But the secret is out, and some early viewers are claiming its everyday impact could trump the iPod, iPhone, and the iPad. In fact, ABI Research predicts 485 million of this type of device will be sold per year. But one small company makes Apple's gadget possible. And its stock price has nearly unlimited room to run for early in-the-know investors. To be one of them, and see Apple's newest smart gizmo, just click here!

Jeremy Bowman owns shares of Apple. The Motley Fool recommends and owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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