Mid-Day Update - Casinos Underperfoming: MGM, ASCA

Published on Wednesday, 17 October 2012 11:52 Written by Gerard Lerod

New York, October 17th (TradersHuddle.com) - Casino stocks are trading higher by 0.28% versus their previous trading day close. Casino stocks are having a pretty much broad rally with 6 out of 7 casino companies trading higher.

MGM Resorts (NYSE:MGM) is the top performer of the casino stocks today trading at $10.79 representing 0.75%. versus the previous trading session. MGM Resorts, the hospitality and gaming Company owner of properties like the Bellagio and MGM Grand in Las Vegas, NV, shares have defined support at $10.07 and resistance at $11.04.

Ameristar Casinos (NASDAQ:ASCA) is also among the top performers, currently trading at $18.25 representing 0.55% from its previous close. Ameristar Casinos, the gaming company that owns and operates casinos resorts in several states in the U.S. has calculated support and resistance levels at $16.48 and $17.97 respectively.

Casino Stocks worst performers include Penn National Gaming (NASDAQ:PENN) that is trading at $41.43 or -0.28% 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 $40.44 and resistance at $43.63. Also among the worst performers is Wynn Resorts (NASDAQ:WYNN), which so far is trading at $117.96 representing 0.14% from the previous trading session.

Casino stocks are underperforming the broad market S&P 500 Index is currently trading at 1459.1, 4.18 points or 0.29% from the previous trading session.