Friday, April 15, 2011

Melco Crown (MPEL) Jumps on BofA (BAC) Upgrade

Shares of Melco Crown Entertainment Ltd. (NASDAQ:MPEL) are hopping today on news of an upgrade from Bank of America (NYSE:BAC) from "Neutral" to "Buy."

Melco Crown Entertainment is in the development, ownership, and operation of casino gaming and entertainment resort facilities, for the most part in the Macau special administrative region of China.

Affluent and middle class Chinese gamers continue to spend strongly in Macau.

Melco Crown Entertainment was upgraded by Bank of America on what they see as “sustainable improvement” in the performance of the casino in the midst of increased spending in the region.

Melco was trading at $9.26, gaining $0.57, or 6.56 percent, as of 2:13 PM EDT.

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