Dow Within 1% of Record Highs; Macau Sends Melco Crown Soaring
The stock market continued to chug along nicely on Tuesday, as the Dow Jones Industrial Average posted a third straight day of gains. Nine out of 10 sectors advanced, with tech stocks and consumer services names leading the way. Walt Disney , Melco Crown Entertainment Limited , and Priceline.com finished as some of the day's highest fliers. The Dow added 74 points, or 0.5%, to end at 16,532. The index is up more than 200 points already this week and is within 60 points of all-time highs.
Walt Disney shares again helped the Dow to advance, gaining another 1.9% on Tuesday. Wall Street swooned over the stock yesterday after Disney announced its animated holiday film Frozen had topped $1 billion in global box office sales. Already the top-grossing animated film of all time, expect Disney to milk this cash cow for all its worth. Frozen, if turned into a franchise, could likely be worth a couple more billion dollars in the next five or six years alone. Disney truly worked its magic with this one, and shareholders are taking notice.
Meanwhile, shares of casino operator Melco Crown Entertainment soared 5.7% today after gaming revenue in the gambling capital of the world, Macau, jumped more than 13% from March 2013 to March 2014. This is a composite number, representing total revenue from all gambling operations in Macau in the month, but it's great for Melco Crown regardless. It's one of only a handful of public companies with operations hyper-focused in Macau, so the stock is essentially a pure play on Macau's growth.
Priceline.com jumped 5% today, a welcome reprieve from March's steep, 11% sell-off. The company officially changed its name on Tuesday to The Priceline Group,, in an effort to clear up any misunderstanding that may have resulted from its former name. The Priceline Group also owns brands like booking.com and Kayak, which may be more fully appreciated after the name change. In reality, simply calling the stock by a different name doesn't change its financials, which will need to continue to improve to support the stock's current 35 P/E ratio.
The article Dow Within 1% of Record Highs; Macau Sends Melco Crown Soaring originally appeared on Fool.com.John Divine has no position in any stocks mentioned. You can follow him on Twitter, @divinebizkid , and on Motley Fool CAPS, @TMFDivine . The Motley Fool recommends and owns shares of Priceline.com and Walt Disney. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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