Here’s Why These Five Stocks Are on the Move

Dividend Cut Sinks Seadrill Partners

Seadrill Partners LLC (NYSE:SDLP) shares have sunk by over 27% after the company announced it will reduce its quarterly distribution to $0.10 per unit from the previous $0.25 per unit. Management cut the dividend distribution due to the increase in the extended standby rate period for the West Capricorn and due to the termination of the drilling contract for the rig West Capella. Management also cut the distribution to preserve liquidity. Despite some contract cancellations, Seadrill partners still has an average contract term of around 2.7 years, and a total contract backlog of around $3.4 billion. Five investors from our database owned shares of Seadrill Partners LLC (NYSE:SDLP) at the end of the first quarter, down by one from the previous quarter.

Gaming Operators Rise on Las Vegas Sand Results

Wynn Resorts, Limited (NASDAQ:WYNN) and MGM Resorts International (NYSE:MGM) are 5% and 2.5% higher respectively after peer Las Vegas Sands Corp. (NYSE:LVS) reported its mass gaming revenue advanced in June, marking the first such monthly mass gaming year-over-year growth in around two years. Some traders are interpreting the rising mass gaming revenue as a signal that demand for gaming in the crucial Macau market is close to a bottom. If that is the case, MGM and Wynn’s cash flows in the crucial market could be stronger than previously expected. Of the two stocks, the investors tracked by us were more bullish on MGM, as 55 funds reported owning shares of the company as of the end of the first quarter. Comparatively, only 35 funds owned shares of Wynn Resorts, Limited (NASDAQ:WYNN).

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