An exchange traded fund (ETF) that invests in gaming stocks was down nearly 2% Wednesday as some of its largest holdings were moving on earnings reports.
Las Vegas Sands (NYSE: LVS), which operates casinos in Las Vegas and Macau, slipped 7% after the company reported lower-than-expected quarterly profit. It is the top component in Market Vectors Gaming ETF (NYSEArca: BJK) at 12% of the portfolio.
Separately, investors applauded quarterly results from MGM Resorts (NYSE: MGM), which rallied more than 10%. The quarter “reflected the expected improvement in Las Vegas overall…[which]is bullish for the shares,” Jefferies analysts said. MGM accounts for nearly 3% of the gaming ETF.
Market Vectors Gaming ETF (NYSEArca: BJK)
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