When Crown (CWN) commenced trading yesterday post the announcement that it was currently in no fit state to hold a gaming licence in NSW the stock initially spiked down almost 9% only to steadily recover to end the session down only -3.3%. Like ourselves it appears the market believes the company will ultimately get its house in order and regain its lost licence. This is undoubtedly a situation play but we feel that some positive news will be forthcoming in the months ahead hence we remain comfortable with our relatively small position. Interestingly, there were some large lines of stock on the buy side yesterday morning, the professional money was a buyer yesterday AM, not a seller.
MM remains bullish CWN looking for ~25% upside
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