Wynn Resorts (NASDAQ: WYNN)
Wynn Resorts (WYNN), a global casino company yesterday reported their fourth quarter 2016 financial results. Wynn reported fourth quarter adjusted earnings of $0.50 per share which fell short of analyst expectations of $0.67 per share. Wynn reported fourth quarter revenues of $1.3 billion which beat analyst expectations of $1.25 billion.
Wynn Resorts Comments
“During the earnings conference call, Chairman and CEO Steve Wynn said the Wynn Palace occupancy is running ahead of company projections and achieving “good mass market activity” and attracting the higher-end customer too. Business at Wynn Palace is picking up after a slow start at the $4 billion casino-resort complex that had weighed on the company’s stock price last fall. Wynn said he remains bullish on the Macau market’s outlook. “The long-term thrust of China is inexorable and undeniable — and that’s why we built what we built and we’re going to build more in the future.” CNBC
WYNN Technical Analysis
WYNN opened trading yesterday at $96.00 which was down from the previous day’s trading close of $96.42. WYNN closed trading yesterday at $95.50 and spiked up after market to $102.01, equivalent to a 7% increase from the closing price. Taking a look at the daily chart we can see that the last time WYNN traded above these levels we have to go back to December 6th, 2016 when it traded at $102.18.
Taking a closer look at the daily chart we can see that before the spike up WYNN had been in an overall downward trend dating back to September 16th, 2016 when it traded at $108.57. WYNN has a float of 79.14 million shares and traded 1.58 times the normal daily trading volume on Thursday. For trading purposes, I would like to see WYNN open trading on Friday above $100 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up. Check out these links for more information on Warrior Trading and the penny stock trading strategies we implement in their chat room!
Company Profile
Wynn Resorts, Limited, together with its subsidiaries, develops, owns, and operates destination casino resorts. It operates in two segments, Macau Operations and Las Vegas Operations. The company operates Wynn Macau and Encore at Wynn Macau resort located in the Peoples Republic of China.
As of February 12, 2016, its Macau resorts feature had approximately 284,000 square feet of casino space, which offered 24-hour gaming and a range of games with 458 table games and 708 slot machines, private gaming salons, sky casinos, and a poker; 2 luxury hotel towers with a total of 1,008 guest rooms and suites; casual and fine dining in 8 restaurants; approximately 57,000 square feet of retail shopping, including stores and boutiques; approximately 31,000 square feet of space for lounges and meeting facilities; recreation and leisure facilities, including 2 health clubs, spas, a salon, and a pool; and the Rotunda show.
The company also owned and operated Wynn Las Vegas and Encore at Wynn Las Vegas resort with a total of 4,748 hotel rooms, suites, and villas; 232 table games; 1,866 slot machines; a race and sports book and poker room in approximately 186,000 square feet of casino gaming space, including a sky casino and private gaming salons; 34 food and beverage outlets; 2 spas and salons; lounges; and approximately 99,000 square feet of retail shopping space. Its Las Vegas resorts also offer 3 nightclubs and a beach club; wedding chapels; an 18-hole golf course; approximately 290,000 square feet of meeting and convention space; a theater; and 2 showrooms, as well as a water-based theatrical production and entertainment production. Wynn Resorts, Limited was founded in 2002 and is based in Las Vegas, Nevada. Yahoo Finance
