2 Stocks Sliding Despite Upbeat Earnings

Macau results are weighing on Las Vegas Sands stock

Deputy Editor
Apr 18, 2024 at 3:04 PM
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Earnings season has officially begun, and there's plenty of corporate reports to unpack. Today, Las Vegas Sands Corp (NYSE:LVS) and Equifax Inc (NYSE:EFX) announced their results, and both stocks turned sharply lower in response. 

Las Vegas Sands reported better-than-expected first-quarter earnings and revenue, but seven analysts still lowered their price targets. The casino's Macau business is undergoing renovations, and investors were not impressed with the numbers. At last glance, LVS was down 9% at $45.71, after earlier falling to its lowest level since December. Should these losses hold, it will mark LVS' largest single-day percentage drop since October 2022.

So far in the options pits, traders lean bearish with 38,000 calls and 71,000 puts traded so far -- eight times the average daily options volume. The April 45 put is the most active, with new positions opening there. 

Equifax stock is down 8.6% at $217.35 at last check, despite a first-quarter earnings beat, after the company's dismal fiscal second-quarter revenue forecast. The lackluster guidance came amid chances of interest rates staying higher for longer, which could delay recovery in the mortgage market. On the short sell restricted (SSR) list today, EFX is down 12.6% since the start of 2024.

Equifax stock's typically quiet options pits have already seen 14 times the average daily volume. New positions are now opening at the most popular contract -- the April 230 put.


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