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Market Nuggets - July 12
Network Disconnect – The networking equipment business has been looking bad the past couple of days, beginning with a major warning by Adtran (ADTN) yesterday. That warning was echoed today by Calix (CALX) who is off more than 20% on the back slow spending by businesses. DragonWave (DRWI) also gave a grim outlook, off more than 13%. The past two days' news in the industry has also pressured peers such as JDSU, CIEN, OCLR and CLFD.
Auto Restoration – Is something brewing in auto parts? Word on the Street is that Citi is saying good things about Auto Zone (AZO); separately, O'Reilly (ORLY) caught an upgrade from Gabelli. Maybe folks are starting to put off new car purchases and going back to fixing up their old cars instead. Advance Auto Parts is up in sympathy (AAP), and others like PRTS and GPC are catching on as well.
Rolling Snakeyes – Las Vegas revenue was down 18% in May from a year ago, at $475 million. In contrast, revenue on the Strip was up 7.5% in April. Looks like a big turnaround in Sin City; Investors betting on red for MGM, CZR, LVS, WYNN and other related gambling stocks.
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