Ameristar Casinos Inc. (ASCA) announced second-quarter adjusted earnings of 31 cents per share, which missed the Zacks Consensus Estimate by nearly 14%.

Shares of this Zacks #4 Rank ("Sell") stock has slipped more than 11% so far today.

Revenue declined 5.9% to $308.9 million.

Three of 12 covering analysts have lowered expectations on the company's full-year earnings, sending the Zacks Consensus Estimate down by 5 cents, or 3.3%, over the past month to $1.47 per share.

Next-year's estimate has decreased by 8 cents, or 5.2%, over the past month to $1.45 per share.

Shares of ASCA are trading on heavier-than-usual volume of nearly 1.8 million, against the average daily volume of about 591,000.

"ASCA" Free Stock Analysis: Buy? Sell? Hold?Zacks Investment Research

Stocks defied negative news from North Korea as the rogue country tested its nuclear and missle strike capabilities. Consumer confidence jumped big fueling institutional buying pushing stocks even higher and the buying continued right up into the close. Volume was up across the board compared to Friday’s trade, but it was below the 50dma. Not a terrible sign, but its more showing institutions are still being a bit shy. Rapping up the day, seeing the indexes close out near the highs on volume was a positive step in the right direction.

Finally, we see the IBD indexes leading this market. The trend will need to continue, but today was a step in the right direction. It is nice to see quality growth stocks lead for once and not the junk off the bottom. Remember, in past uptrends which followed severe bear markets …

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Today was owned by the banking sector as the “Bank Stress Tests” were released today. By in large this stress was viewed vastly different from all sides of the aisle. Regardless of anyone’s opinion, the market’s opinion was positive as banks roared higher pushing the NYSE composite Index and S&P500 higher. Lagging behind was the NASDAQ composite index and the IBD indexes. It shouldn’t be a major surprise seeing the banks leading for one day as the stress tests showed most banks can withstand further downside, but we’ll need to see leadership from the IBD indexes. Once again, we did see major support for the NASDAQ and other indexes showing there is a bullish tint …

Stocks were hit hard from the onset, even leaders found themselves being sold. Ben Bernanke was testifying on the hill while traders were dumping stocks. Selling accelerated as the day wore on but were able to find footing prior to lunch time. Stocks then were hit hard after 2pm hitting new lows but support was able to come in. Stocks once again were able to avoid a nasty distribution day if the NASDAQ had gone out on its lows. This market is once again proving there is an underlying bid to the market.

Two key levels were held today and an important moving average. The NASDAQ was able to hold 1750 which happens to be its 200 day moving average while the S&P500 was able to hold a psychological level of 900. Holding the 200dma is very important level for the …