Boyd Gaming Corp. (BYD) Pops 20% on Earnings, Project Delay, Stock Buyback
Shares of Boyd Gaming Corp. (BYD), a domestic casino operator with properties in six states, are trading 20% higher today after announcing Q2 financial results and the suspension of plans to begin construction of a huge Las Vegas development that investors feared would strain Boyd’s capital position. The company also announced the authorization of a $100-million share repurchase program. On the earnings front, Boyd reported net income excluding non-recurring items of $26.4 million, or 30 cents per share, vs. analysts’ estimates of 27 cents per share. Net revenues of $460.8 million were slightly below consensus of $462.9 million. Keith Smith,…