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THE HBM: WEN, SBUX

THE HEDGEYE BREAKFAST MONITOR

 

MACRO NOTES

 

Comments from CEO Keith McCullough

 

#TheBernank Tax = rising inflation expectations and slowing growth expectations – the market now agrees:

  1. ASIA – the Chinese came back from holidays and just sold (we’re long Chinese Equities). They should have because Bernanke just jammed them w/ a commodity inflation tax and that’s the #1 thing, on the margin, that slows Chinese, Indian, etc growth. India’s Sensex(we’re short) failed at its TAIL line of 17,643 resistance and the Nikkei (we’re short) closed down for 3rd consecutive day.
  2. GERMANY – if the Greeks think they’re going to play a game of chicken w/ the Germans, I’ll take the Germans. Critically, the DAX backs off its long-term TAIL line of 6503 hard this morning as European stocks and bonds finally have a down day of consequence.
  3. TREASURIES – rising inflation expectations slow growth expectations – the 10yr yield is getting smoked this morning down to 1.86% and is right back into what we call a Bearish Formation. The Yield Spread has compressed 13bps in a week with Bernanke leaning on the long-end. Jaime Dimon won’t be pleased; neither will US Equity investors looking for rotation out of bonds.

 

On a snap of 1313, I have no support in the SP500 to 1297.

 

SUBSECTOR PERFORMANCE

 

<chart2>

 

 

QUICK SERVICE

 

WEN: Wendy’s reported preliminary 4Q results this morning. EPS came in at $0.04, in line with consensus.  North America systemwide comparable restaurant sales came in at +4.4%.  The Analyst Day taking place today in New York is an important event for Emil Brolick, the new CEO, and we will be waiting to hear if he is lowering expectations for the company. 

 

SBUX: Starbucks and Tata Global Beverages have formed an equal Joint Venture which will operate Starbucks cafes in India.  The first store in India will open by August.

 

 

NOTABLE PERFORMANCE ON ACCELERATING VOLUME:

 

COSI: Cosi put up some strong sales numbers last week

 

KKD: The breakfast daypart is performing well

 

GMCR: The bull/bear battle rages on

 

TAST: The split cometh

 

YUM: TACO Bell and PH in the USA had a better than bad quarter

 

WEN: Analyst day is today in NYC – this is Emil Brolick’s real coming out party. Will he lower the bar?

 

SBUX: Expectations were a little too high going into the quarter

 

 

THE HBM: WEN, SBUX - stocks 130

 

 

Howard Penney

Managing Director

 

Rory Green

Analyst

 


MONDAY MORNING RISK MONITOR: PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING

Key Callouts:

 

* Interbank risk continues to recede. The Euriobor/OIS spread, our preferred measure of systemic risk in the banking industry, tightened 5 bps last week. This is a bullish input in our model. See our note from Friday quantifying the impact of the change in Euribor/OIS on the stock prices of C, BAC, JPM, GS & MS. A similar trend occurring in the TED spread, which fell by 2 basis points to 50 bps last week. Receding interbank risk both in Europe and the US means reflating the discount in the US global banks. 

 

*Bank CDS in both the US and Europe tightened last week.

 

*European sovereign swaps were mostly tighter. However, Portugal has gone parabolic, widening 15% last week to an all-time high. It's interesting to observe the reduced correlations. In 4Q11 all swaps and equities generally moved together. Now we're seeing Portugal blast off, while other PIIGS countries and the European and US banks are tightening.

 

*The MCDX measure of municipal default risk continued to fall sharply week over week.

 

*Quantitative view - Out macro quantitative model suggest that on a short term duration (TRADE), there is slightly more upside than downside in the XLF (0.4% downside vs 0.6% upside)

 

Financial Risk Monitor Summary

 • Short-term(WoW): Positive / 8 of 12 improved / 1 out of 12 worsened / 3 of 12 unchanged

 • Intermediate-term(WoW): Positive / 9 of 12 improved / 2 out of 12 worsened / 1 of 12 unchanged

 • Long-term(WoW): Negative / 0 of 12 improved / 9 out of 12 worsened / 3 of 12 unchanged

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Summary

 

1. US Financials CDS Monitor – Swaps widened for 16 of 27 major domestic financial company reference entities last week.   

Widened the most WoW: CB, MTG, PRU

Tightened the most WoW: BAC, MS, GS

Widened the most/ tightened the least MoM: MTG, RDN, CB

Tightened the most MoM: BAC, MS, AIG

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - CDS  us

 

2. European Financials CDS Monitor – Bank swaps were tighter in Europe last week for 34 of the 40 reference entities. The average tightening was 2.3% and the median tightening was 9.4%.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - CDS  euro

 

3. European Sovereign CDS European Sovereign Swaps mostly tightened over last week. Italian sovereign swaps tightened by 6.8% (-31 bps to 426 ) while Portuguese sovereign swaps widened by 15.2% (193 bps to 1462).

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Sovereign CDS 1

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Soveriegn CDS 2

 

4. High Yield (YTM) Monitor – High Yield rates fell 11.0 bps last week, ending the week at 7.94 versus 8.05 the prior week.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - HY

 

5. Leveraged Loan Index Monitor – The Leveraged Loan Index rose 13 points last week, ending at 1626.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - LLI

 

6. TED Spread Monitor – The TED spread fell 2.0 points last week, ending the week at 50 this week versus last week’s print of 52.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - TED spread

 

7. Journal of Commerce Commodity Price Index – The JOC index rose 4.7 points, ending the week at -9.38 versus -14.0 the prior week.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - JOC index

 

8. Euribor-OIS spread – The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk. The Euribor-OIS spread tightened by 5 bps from last Monday to 77 bps today.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Euribor OIS

 

9. ECB Liquidity Recourse to the Deposit Facility– The ECB Liquidity Recourse to the Deposit Facility measures banks’ overnight deposits with the ECB.  Taken in conjunction with excess reserves, the ECB deposit facility measures excess liquidity in the Euro banking system.  An increase in this metric shows that banks are borrowing from the ECB.  In other words, the deposit facility measures one element of the ECB response to the crisis. 

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - ECB liquidity deposit

 

10. Markit MCDX Index Monitor – The Markit MCDX is a measure of municipal credit default swaps. We believe this index is a useful indicator of pressure in state and local governments. Markit publishes index values daily on six 5-year tenor baskets including 50 reference entities each. Each basket includes a diversified pool of revenue and GO bonds from a broad array of states. We track the 14-V1. Last week spreads tightened , ending the week at 128 bps versus 134 bps the prior week.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - MCDX

 

11. Baltic Dry Index – The Baltic Dry Index measures international shipping rates of dry bulk cargo, mostly commodities used for industrial production. Higher demand for such goods, as manifested in higher shipping rates, indicates economic expansion. Last week the index fell 136 points, ending the week at 726 versus 862 the prior week.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Baltic Dry

 

12. 2-10 Spread – We track the 2-10 spread as a proxy for bank margins. Last week the 2-10 spread tightened to 168 bps, 11 bps tighter than a week ago.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - 2 10

 

13. XLF Macro Quantitative Setup – Our Macro team’s quantitative setup in the XLF shows 0.6% upside to TRADE resistance and 0.4% downside to TRADE support.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - XLF

 

NYSE Margin Debt - December

We publish NYSE Margin Debt every month when it’s released. NYSE Margin debt hit its post-2007 peak in April of 2011 at $320.7 billion. The chart below shows the S&P 500 overlaid against NYSE margin debt going back to 1997. In this chart both the S&P 500 and margin debt have been inflation adjusted (back to 1990 dollar levels), and we’re showing margin debt levels in standard deviations relative to the mean covering the period 1. While this may sound complicated, the message is really quite simple. First, when margin debt gets to 1.5 standard deviations or greater, as it did last April, that has historically been a signal of extreme risk in the equity market - the last two times it did this the equity market lost half its value in the ensuing period. We flagged this for the first time back in May 2011. The second point is that margin debt trends tend to exhibit high degrees of autocorrelation. In other words, the last few months’ change in margin debt is the best predictor of the change we’ll see in the next few months. This is important because it means that margin debt, which retraced back to +0.53 standard deviations in November, still has a long way to go. We would need to see it approach -0.5 to -1.0 standard deviations before the trend runs its course. There’s plenty of room for short/intermediate term reversals within this broader secular move, as we saw in November and December's print of +0.55 and +0.53 standard deviations.  Overall, however, this setup represents a headwind for the market. One limitation of this series is that it is reported on a lag.  The chart shows data through December.

 

MONDAY MORNING RISK MONITOR:  PORTUGAL'S PARABOLA vs. INTERBANK RISK RECEDING - Margin Debt 

 

Joshua Steiner, CFA

 

Allison Kaptur

 

Robert Belsky

 

Trouble viewing the charts in this email?  Please click the link at the bottom of the note to view in your browser

 


COULD BE A BIG DEC ON THE STRIP

Solid airport and taxi data suggest Strip could see double digit YoY gaming revenue growth.

 

 

We’re finally pretty bulled up on the two hardest gaming markets from the Great Recession:  the Las Vegas Strip and the Las Vegas locals markets.  Q4 looks like it was a strong one for the Strip and relatively solid for the LV locals.  The latest data was positive: taxi traffic was up 9.9% in December.  That combined with the number of enplaned/deplaned passengers at McCarran Airport (+3.9% YoY), drives a 10-14% YoY increase in Strip gaming revenues per our model for December.  We’ve found a statistically significant correlation between airport traffic and slot volume and between taxi traffic and table play. 

 

December 2011 slot hold will be below normal due to the deferred revenues from New Year's Eve; last year's slot hold was 5.7%.  Table hold was slightly below normal last year.  As usual, the biggest delta from our projection will probably be Baccarat volume and hold.  Most importantly, from our perspective, slot volume should post the 4th straight month of increases.  We think slot volume should post the biggest delta from expectations in 2012 and this is where the leverage is. 

 

With most of its exposure on the Strip, MGM should consistently beat quarterly consensus expectation in 2012 if slot volume continues to improve.  Everyone knows RevPAR is strong on the Strip and the flow-through on rate increases is very high.  However, we don’t see a big focus on slot volumes and the profit potential there.  Again, watch this metric.

 

COULD BE A BIG DEC ON THE STRIP - VEGAS1

 

COULD BE A BIG DEC ON THE STRIP - VEGAS2


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#Winning

This note was originally published at 8am on January 25, 2012. INVESTOR and RISK MANAGER SUBSCRIBERS have access to the EARLY LOOK (published by 8am every trading day) and PORTFOLIO IDEAS in real-time.

“The only thing I’m addicted to is winning.  This bootleg cult, arrogantly referred to as Alcoholics Anonymous, reports a 5 percent success rate.  My success rate is 100 percent.”

-Charlie Sheen

 

I’m not sure Keith realized that today was my birthday when he asked me to write the Early Look, rather he was likely focused on the fact that I’m Hedgeye’s resident political analyst and last night was President Obama’s fourth state of the union address.  This was also Obama’s last state of the union address ahead of the 2012 elections.

 

For those of you who aren’t active on the Twitter-sphere (my handle is @HedgeyeDJ if you are), the expression “#winning” was popularized by actor Charlie Sheen early last year when he started a one man campaign against the traditional world of entertainment. In effect, he was saying he wasn’t going to conform to Hollywood 1.0 any longer.  He also announced on twitter that he would continue to win and, amongst other things, the term #winning started trending in dramatic fashion.

 

Watching the state of the union address last night on Twitter was fascinating to say the least.  Keith has called twitter the new tape many times, and I think it’s also the new political pundit.  In terms of markets for opinion, at least in 140 characters, twitter is about as efficient as it gets.  If you make comments of interest and insight, your followers will increase and so will your influence via your Klout score. 

 

Last night as people were watching President Obama’s address, the key term that was trending on twitter was #fairshare and it is still trending this morning.  This morning I searched #fairshare on Twitter to get a sense for the consensus view of the speech and the general concept of #fairshare.  Here are the top tweets that came up:

 

@ewmonster: The defining issue of our time, is how to keep the American Dream alive.  THAT is a paraphrase worth making! #fairshare #sotu

 

@EconBrothers : Obama is right.  Everyone should pay their “fair share” of taxes, even those who currently pay no federal income taxes.  #FairShare #SOTU

 

@MonicaCrowley : And here we go again w/ the Warren Buffett warfare tax BS. #FairShare

 

@IAmSoSmart : I am thoroughly convinced that if democrats understood how hard I worked for my money, it would blow their tiny mind. #FairShare

 

@KeithMcCullough : #SOTU Word Score: #FairShare = 5, #Capitalism = 0

 

And my personal favorite:

 

@EricComedy : If Obama uses the phrase #FairShare one more time, I’m going to stomp on a live gerbil. #SOTU

 

In all seriousness, Obama clearly used this address to launch the key theme of his campaign, which is that he wants to, at least rhetorically, level the playing field for all Americans.  Whether that practically, or economically, makes sense is somewhat beside the point.  Certainly, in his speech last night President Obama didn’t offer much beyond platitudes.  If you don’t believe me on that last point, here is the New York Times’ interpretation:

 

“Mr.Obama presented a somewhat modest list of initiatives he could enact through executive authority coupled with more ambitious proposals unlikely to advance in Congress.”

 

In effect, there was nothing in his speech that would practically move the needle from an economic perspective.  Nonetheless, President Obama appears to be #winning.

 

According to InTrade this morning, President Obama’s chances of re-election have increased to 56%.  For the last eight months, this probability has been mired below or just above 50%, but in the last two weeks the election markets at InTrade are pricing in an increasing likelihood of an Obama re-election. This is in part due to the increasingly heated rhetoric and dysfunction emanating from the Republican primary.  That said, the economy has started to improve on the margin which benefits the incumbent and the President’s messages are broadly appealing.  #FairShare in 2012 is the #Hope and #Change of 2008.

 

One of our key criticisms of both the Obama and the George W. Bush Presidencies were their carte blanche backing of Keynesian economic policies.  In the Chart of the Day, we show the notional expansion of U.S. federal government debt under President Obama.  Under President Obama, the United States experienced the largest one year federal debt increase ever and in his first term, when complete, the United States will likely have added more than $6 trillion in debt to the national balance sheet.  This is more than both of George W. Bush’s terms combined.

 

The key risk of an Obama second term and a Fair Share agenda is that the growth of the federal government and its obligations continue to accelerate.  Already, the U.S. is beyond the 90% debt-to-GDP line in which long term economic growth becomes structurally impaired accorded to more than 200 years of data from Reinhart and Rogoff. In the shorter term, a view by the markets that the federal government is less focused on fiscal prudence is negative for the dollar and detrimental to our thesis that a strong dollar will increase the 70% of GDP that is consumption.

 

In the chart of the day, I’ve actually included a picture of the Bassano Dam, which is a large irrigation dam south of my hometown of Bassano, Alberta.  When it was constructed in 1915, the Bassano Dam was the largest man made irrigation dam in the world and a game changer for the agricultural community of southern Alberta.  It was a project that was funded by the government.  The point being that not all government funded projects are negative for the economy.  On the other hand, government spending for the sake of ambiguous goals that lack an ROI, like #FairShare, is only likely to add to our debt balance and constrain future consumption and growth.

 

Since both parties like to channel Ronald Reagan these days, I’ll end with a quote from the Gipper:

 

“We must not look to government to solve our problems. Government is the problem.”

 

Indeed.

 

Our immediate-term TRADE ranges of support and resistance for Gold, Oil (Brent), EUR/USD, US Dollar Index, German DAX, and the SP500 are now $1656-1678, $109.44-110.85, $1.28-1.31, $79.41-80.43, 6359-6503, and 1304-1325, respectively.

 

Keep your head up and your stick on the ice,

 

Daryl G. Jones

Director of Research

 

#Winning - Chart of the Day

 

#Winning - Virtual Portfolio


THE HEDGEYE DAILY OUTLOOK

 

TODAY’S S&P 500 SET-UP – January 30, 2012

 

As we look at today’s set up for the S&P 500, the range is 29 points or -1.47% downside to 1297 and 0.73% upside to 1326. 

 

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - ONE

 

THE HEDGEYE DAILY OUTLOOK - TWO

 

THE HEDGEYE DAILY OUTLOOK - THREE

 

 

EQUITY SENTIMENT:

 

TREASURIES – rising inflation expectations slow growth expectations – the 10yr yield is getting smoked this morning down to 1.86% and is right back into what we call a Bearish Formation. The Yield Spread has compressed 13bps in a week with Bernanke leaning on the long-end. Jaime Dimon won’t be pleased; neither will US Equity investors looking for rotation out of bonds.

  • ADVANCE/DECLINE LINE: 857 (918) 
  • VOLUME: NYSE 850.21(-1.89%)
  • VIX:  18.53 -0.22% YTD PERFORMANCE: -20.81%
  • SPX PUT/CALL RATIO: 1.94 from 2.03 (-4.43)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 50.03
  • 3-MONTH T-BILL YIELD: 0.05%
  • 10-Year: 1.85 from 1.89
  • YIELD CURVE: 1.65 from 1.68

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, Dec., est. 0.4% (prior 0.1%)
  • 8:30am: Personal Spending, Dec., est. 0.1% (prior 0.1%)
  • 10:30am: Dallas Fed., Jan., est. 0.5 (prior -3.0)
  • 11am: Export inspections: corn, soybeans, wheat
  • 11:30am, U.S. to sell $31b 3-month, $29b 6-month bills
  • U.S. Treasury Releases Quarterly Borrowing Estimates

GOVERNMENT:

    • Quinnipiac University releases latest Fla. poll, a day before Republican primary, 8am
    • House not in session; Senate in session
    • House subcommittee field hearing on drilling in Cuba, Bahamas 10am

WHAT TO WATCH: 

  • EU leaders gather for their first summit of 2012 as a deteriorating economy, struggle to complete Greek debt writeoff risk sidetracking efforts to stamp out financial crisis
  • ABB to buy Thomas & Betts for $72/shr, or $3.9b, to expand its North American distribution network, boost low-voltage equipment
  • Facebook said to plan IPO filing as early as coming week
  • U.S. consumer purchases in Dec. may have risen 0.1% for a third consecutive month, economists est.
  • Euro-area confidence in the economic outlook improved less than forecast in January
  • Ex-UBS trader Kweku Adoboli pleads not guilty over $2.3b loss
  • El Paso is in advanced talks to sell its oil-exploration unit to a group led by Apollo Global for ~$7b: WSJ
  • Citigroup Chairman Richard Parsons considers stepping down: WSJ
  • Bank of America named Christian Meissner sole leader of global investment banking
  • Morgan Stanley, Credit Suisse, Citigroup made some of the yr’s biggest pay cuts in compensation, avg. as much as 30%, according to data compiled by Bloomberg
  • TonenGeneral agreed to buy partner Exxon’s Japanese business for $3.9b
  • Delta Air Lines is studying a bid for US Airways Group
  • "The Grey,’’ an action film starring Liam Neeson, opened in first place in U.S., Canadian cinemas with $20m
  • Fed’s pledge to keep interest rates low, possibly boost asset purchases will release cash into system, helping equities, Templeton’s Mark Mobius tells Bloomberg
  • No IPOs scheduled: Bloomberg data

EARNINGS:

    • Wolverine World Wide (WWW) 6:30am, $0.45
    • Wendy’s (WEN) 8am, $0.04
    • Gannett (GCI) 8:15am, $0.68
    • Hologic (HOLX) 4:01pm, $0.32
    • Plum Creek Timber (PCL) 4:04pm, $0.39
    • McKesson (MCK) 4:10pm, $1.38
    • Graco (GGG) 4:30pm, $0.51
    • Reinsurance Group of America (RGA) 5pm, $1.84
    • SL Green Realty (SLG) Aft-mkt, $1.00

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Hedge-Fund Bulls Add to Bets as Rally Accelerates: Commodities
  • Gasoline Shutdowns Spur Record Bullish Futures: Energy Markets
  • Gold Drops From Seven-Week High as Euro Declines, Demand Weakens
  • Natural Gas Rises for Second Day on Forecast for Colder Weather
  • Copper Falls for Second Day on Speculation Prices Rose Too High
  • Soybeans, Corn Drop as Rains Ease South American Crop Concern
  • Cocoa Falls on Ivorian Forward Sales Speculation, Sugar Advances
  • Vietnam May Export up to 3.5 Million Tons of Rice in First Half
  • EU to Decide in July on Free Post-2012 CO2 Permits for Power
  • Africa Seen Mirroring Brazil in Atlantic Coast Drilling:Energy
  • Rubber May Gain to Highest Since September: Technical Analysis
  • JFE Forecasts First Annual Loss as Slowing Economies Hurt Demand
  • Barclays Says Sell Usiminas on Steel Imports: Brazil Credit
  • COMMODITIES DAYBOOK: Hedge-Fund Bulls Add to Bets as Rally Gains
  • Oil Falls a Second Day on Speculation EU Debt Talks May Fail
  • Gold January Rally Pointing to Record $2,300: Technical Analysis
  • Kloeckner Drops as CEO Sees Lower Steel Demand: Frankfurt Mover

THE HEDGEYE DAILY OUTLOOK - FOUR

 

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - FIVE

 

 

EUROPEAN MARKETS

 

GERMANY – if the Greeks think they’re going to play a game of chicken with the Germans, we’ll take the Germans. Critically, the DAX backs off its long-term TAIL line of 6503 hard this morning as European stocks and bonds finally have a down day of consequence.


THE HEDGEYE DAILY OUTLOOK - SIX

 


ASIAN MARKETS


ASIA – the Chinese came back from holidays and just sold (we’re long Chinese Equities). They should have because Bernanke just jammed them with a commodity inflation tax and that’s the #1 thing, on the margin, that slows Chinese, Indian, etc growth. India’s Sensex(we’re short) failed at its TAIL line of 17,643 resistance and the Nikkei (we’re short) closed down for 3rd consecutive day.


THE HEDGEYE DAILY OUTLOOK - SEVEN

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - EIGHT

 

 

 

 

The Hedgeye Macro Team

 


THE M3: SANDS CHINA CNY VISITORS

The Macau Metro Monitor, January 30, 2012

 

 

SANDS CHINA VISITORS FOR LUNAR NEW YEAR HOLIDAY RISE UP TO 6% BusinessWeek

Sands China Ltd said visitors to its Macau casinos grew by 5-6% to more than 1 million during the Chinese New Year (Jan 23-29) holidays.  The Venetian Macao casino drew 750,000 visits, Sands Macao had 160,000 and the Plaza Macao had 150,000.

 

 


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