Cryptologic Stock Soars
CryptoLogic's stock closed today at 10.19 per share, climbing 98 cents (a 10.6 percent climb). Shares were also traded at a relatively high volume, reaching 175,382. The spurt comes a week after the Wall Street Journal published an article about the profitability of the I-gaming industry and the inability of legislation to prohibit it.
Reports Released
A Merill Lynch research report on British bookmaker William Hill (WHM) gives a sell recommendation and a 285p fair value assessment (6p below William Hill's opening price), implying 12 percent downside from current levels. The report states that the company "is a very well managed, cash generative business with a strong track record of delivering (almost) consistent annual profit growth," but notes that it faces several challenges over the medium term.
William Hill - Initiation Comment
Although Pre-tax profits for the Hilton Group (HG.L) fell 15 percent to £110.5 million this interim, the finish was much better than expected. The saving grace came courtesy of Ladbrokes, whose operating profits rose 33 percent to £101.8 million while turnover grew 81percent to £3.2bn.
Hilton Group plc - Interim Results