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Stocks Surge, Trump Entertainment Credit Rating Falls
NEW YORK --
The stock market set an all-time record for best single-day increase, but Trump Entertainment was not so fortunate. According to the wires, Moody's dropped the credit rating of Trump Entertainment Resort Holding LP to the lowest possible measure.
As you know, Trump has reported massive decreases in sales every month since January. On Monday, the NJ Casino Control Board announced Trump casino revenue had fallen to the lowest levels ever recorded.
All of the Trump properties in Atlantic City reported double-digit losses in gross sales. The stock price of the company is all the way down to 65 cents per share, the lowest price in the history of the corporation.
"Alot of speculators purchased shares in the 1-2 dollar range, that has turned out to be a very bad decision", says Brian Levy, a certified financial advisor based in Calgary.
The rest of the stock market was setting records today. The Dow Jones Industrial Average (DJIA), the NASDAQ, and the S & P 500 were all up over 11% this afternoon. The gains were the largest single-day increases since trading began on Wall Street back in the 1700's.
For more information on the stock market and other financial news related to the Casino and Gaming industry, please visit the Wall Street Journal.
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