Thursday Morning Market Highlights

Shares of Las Vegas Sands decline on revenue miss

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Omar Venerio
Apr 22, 2021
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U.S. markets

U.S. stocks were in the red on Thursday on news that President Joe Biden will increase the corporate tax rate. The Dow fell 1.00% to 33,976, the S&P 500 Index slid 0.98% to 4,132 and the Nasdaq Composite Index was down 0.99% to 13,815.

Gainers

Losers

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 rose 0.62%, Germany's Dax inched up 0.82%, France's CAC 40 increased 0.91% and Spain's Ibex 35 gained 1.61%.

In Asia, Japan's Nikkei 225 gained 2.38%, India's BSE Sensex added 0.79%, Hong Kong's Hang Seng advanced 0.47% and China's Shanghai Composite was down 0.23%.

Las Vegas Sands releases earnings report

Shares of Las Vegas Sands Corp. (

LVS, Financial) fell more than 2.5% on Thursday to change hands at $58.97 after the company posted its fiscal first-quarter results.

Revenue declined 15.5% year over year to $1.2 billion, falling $140 million short of estimates. The company has not beat consensus revenue estimates over the last four quarters. It posted a loss of 25 cents per share, in line with analysts' estimates.

Chairman and CEO Robert G. Goldstein had the following to say:

"We couldn't be more enthusiastic about the opportunity to welcome more guests back to our properties as greater volumes of visitors are eventually able to travel to Macao, Singapore and Las Vegas We also remain deeply committed to supporting our team members and to helping those in need in each of our local communities as they recover from the impact of the COVID-19 pandemicWe remain confident in the eventual recovery in travel and tourism spending across our markets. Demand for our offerings from our customers who have been able to visit remains robust, but pandemic-related travel restrictions, particularly in Macao and Singapore, continue to limit visitation and hinder our current financial performance."

In the first quarter, the operating loss reached $96 million, compared to operating income of $6 million in the same trimester of the previous year. Further, the net loss from continuing operations was $280 million, compared to $92 million in the first quarter of 2020.

Moreover, the consolidated adjusted property Ebitda was $244 million, compared to $349 million in the prior-year quarter.

Las Vegas Sands shares advanced less than 2% since the beginning of the year versus the S&P 500's gain of 11%.

At the end of December,

Mario Gabelli (Trades, Portfolio) reduced his portfolio holdings by 5% to 160,140 shares, while Ron Baron (Trades, Portfolio) doubled his position to 552,127 shares.

Disclosure: The author holds no positions in any stocks mentioned.

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Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.