Why Boyd Gaming Stock Plummeted Today
Boyd Gaming (NYSE: BYD) stock suffered big sell-offs Wednesday. The gambling specialist's share price ended the daily trading session down 11%, according to data from S&P Global Market Intelligence.
Boyd Gaming published third-quarter earnings results after the market closed on Tuesday, posting earnings for the period that fell short of the market's targets. While the company's revenue of $903.15 million beat the average Wall Street estimate by roughly $22.5 million, its non-GAAP (adjusted) earnings per share of $1.36 missed the average target by $0.11 per share.
Boyd Gaming's revenue grew roughly 3% year over year in the third quarter and topped Wall Street's expectations. On the other hand, the business saw costs rise at a greater-than-expected rate. Total operating expenses rose roughly 7.1% year over year to reach $685.29 million. With operating expenses rising significantly faster than revenue, it's not surprising that investors had a negative reaction to the company's recent earnings report.
Source Fool.com
BYD Co. Ltd Stock
With 8 Buy predictions and not the single Sell prediction the community is currently very high on BYD Co. Ltd.
With a target price of 15 € there is a hugely positive potential of 53.77% for BYD Co. Ltd compared to the current price of 9.76 €.
