Word: trough
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Although many names have rallied from their trough in March 2009, they're still far short of their highs. Las Vegas Sands (LVS) was trading at more than $138 a share in October 2007 and plunged to under $2 a share in March 2009. Although it has since risen 10-fold to $20 a share, it's still far below its peak. Wynn Resorts (WYNN) and Las Vegas Sands have seen the biggest gains, with their stocks rising 296% and 842% respectively in the past 52 weeks. But their gains were driven largely by their exposure to the lucrative Macau...
...Appreciating food and community is important to me,” she says. “Although that’s done in a different way in Houses, I don’t feel like I get much out of eating in dining halls, in an anonymous, trough-style...
...bullish? Historical data indicate that consumers step up spending in the year following a recession's trough, says Canally. However, he concedes this year's snapback won't be as big as those following the last two recessions, since consumers currently face headwinds from high unemployment, the battered housing sector and frozen credit markets. "We're well into a jobless recovery, credit lines have been cut, and consumers can no longer use their houses as ATMs," he says. Nevertheless, Canally says, consumers are benefiting from last year's rebound in the stock market and higher consumer savings rate, which makes...
...investors overreact when they jumped into the sector last March and drove REIT prices up 97% from that trough? Not exactly. REIT valuations were extremely cheap, as the sector had lost 73% of its value from its peak in February 2007. "REITs were priced in the first quarter like they were going bankrupt," says Robert W. Baird & Co. director David AuBuchon. (Read "Commercial Real Estate - the Economy's Anvil...
...this triggered a flurry of dedicated mutual funds, value managers, ETFs and hedge funds to move into the sector in a big way, notes Bilerman. Although the FTSE NAREIT All REIT Index surged 97.6% from the group's trough on March 6, it's still off 50% from its peak in February 2007, according to the NAREIT. So investors are willing to pay up for REITs based on their longer-term outlooks and potential windfall in the distressed real estate market, says Bohjalian. REITs touted as likely buyers in the distressed market are Simon Property Group, Vornado Realty Trust, Boston...