Mid-Day Update - Casinos Underperfoming: PNK, MGM

Published on Friday, 27 July 2012 11:52 Written by Gerard Lerod

New York, July 27th (TradersHuddle.com) - Casino stocks are trading higher by 1.13% versus their previous trading day close. Casino stocks are having a pretty much broad rally with 6 out of 7 casino companies trading higher.

Pinnacle Entertainment (NYSE:PNK) is the top performer of the casino stocks today trading at $9.9 representing 2.7%. versus the previous trading session. Pinnacle Entertainment, the owner and operator of casinos and casinos resorts throughout the U.S. and Argentina, shares have defined support at $9.00 and resistance at $10.25.

MGM Resorts (NYSE:MGM) is also among the top performers, currently trading at $9.4 representing 1.95% from its previous close. MGM Resorts, the hospitality and gaming Company owner of properties like the Bellagio and MGM Grand in Las Vegas, NV has calculated support and resistance levels at $9.72 and $10.47 respectively.

Casino Stocks worst performers include Penn National Gaming (NASDAQ:PENN) that is trading at $39.1 or -0.15% from the previous close. The Shares of Penn National Gaming, the owner and operator of casinos in Mississippi, and a riverboat gaming facility in Louisiana have defined support at $39.30 and resistance at $43.49. Also among the worst performers is Isle of Capri Casinos (NASDAQ:ISLE), which so far is trading at $5.57 representing 0.54% from the previous trading session.

Casino stocks are underperforming the broad market S&P 500 Index is currently trading at 1375.58, 15.56 points or 1.14% from the previous trading session.