|Bid||163.30 x 1300|
|Ask||166.22 x 800|
|Day's Range||162.18 - 165.51|
|52 Week Range||124.11 - 203.63|
|PE Ratio (TTM)||38.36|
|Earnings Date||Jul 23, 2018 - Jul 27, 2018|
|Forward Dividend & Yield||3.00 (1.81%)|
|1y Target Est||207.53|
Casino stocks took a big hit following the release of gaming data from Macau showing lackluster results. Shares of Melco Resorts & Entertainment ( MLCO), MGM Resorts International ( MGM) and Wynn Resorts Ltd. ( WYNN) all tumbled on the news, but a number of analysts believe the selloff was overdone and that investors with a longer-term perspective could be rewarded for buying in at these depressed prices, according to Barron’s. Instinet analyst Harry Curtis, while adjusting his price targets lower for both Melco and MGM, sees them rising by 27% and 25%, respectively.
The company rolled the dice with a big bet on China, but it may turn into a losing one if there's a gaming reversal once more.
The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Over the last one-month, outflows of investor capital in ETFs holding WYNN totaled $3.42 billion.
For the record, investment bank JPMorgan has been bullish on casino names MGM Resorts (NYSE:MGM), Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN) for a while, making MGM stock worth another look at least. In March it recommended buying Wynn following founder Steve Wynn’s sizeable sale of his stake. JPMorgan seems to have something of a particularly soft spot in its heart for MGM Resorts, however, reiterating its “Overweight” rating on MGM stock earlier this week, saying things will get better for the casino operator during the latter half of 2018.
The #MeToo movement has swept through corporate America, but so far investors have viewed the turmoil as little more than a buying opportunity. Take Wynn Resorts, where chief executive Steve Wynn allegedly carried on a decadeslong pattern of sexual misconduct before resigning in February, according to the Journal’s reporting. Beyond the loss of Mr. Wynn, the company has seen the resignation of its general counsel, who knew about a $7.5 million settlement Mr. Wynn reached with one of his accusers, lost a shareholder vote on executive pay and could end up selling a half-built, $2.5 billion casino resort outside of Boston if it faces pressure from Massachusetts regulators.
Casino stocks took it on the chin following Macau gaming data that disappointed, but there are plenty of analysts who argue that the decline was overdone and investors with a longer-term horizon especially should buy into the weakness. On Monday, we heard a vote of confidence for the stocks from Instinet, and today, Stifel is bullish on Wynn Resorts (WYNN), upgrading the shares to Buy from Hold. Analyst Steven Wieczynski boosted his rating and added $2 to his price target, to $209, writing that the recent selloff created a "compelling" risk-reward scenario for the stock.
M&A activity has been big part of the global market for the past few years now, and that’s likely to continue. Tax reform has freed up more cash and made potential targets more accretive. The economy is humming along. And in a few key sectors — consumer goods and media come to mind — there’s an obvious logic behind consolidation.
The stock market has been in whipsaw mode since the correction started in February. First we had traders reacting to a hotter-than-expected wage inflation report. But then the headline mode switched completely to rhetoric from the White House about trade wars with China and Europe.
Shares of Wynn Resorts Ltd. (wynn) hiked up 1.4% in premarket trade Tuesday, after Stifel Nicolaus turned bullish on the casino operator, citing a "compelling" reward-versus-risk scenario as recent macro concerns appear overblown. Analyst Steven Wieczynski raised his rating to buy, after being at hold for at least the past two years. The stock has tumbled 21% from its May 10 record close of $201.51 through Monday--the S&P 500 (spx) has gained 2.2% over the same time--amid concerns over Chinese market conditions if a trade war with the U.S. escalates, worries about the health of the stock market and the World Cup soccer tournament have kept high rollers away from Macau over the past month.
Macau-tied casino stocks Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Resorts & Entertainment (MLCO) rallied Monday along with China's stock market and after Wall Street issued upbeat views for the gaming sector.
In the latest sign of tension between Elaine Wynn and the casino company she co-founded, the billionaire said she backed a candidate for chairman or vice chairman that Wynn Resorts Ltd. rejected. Phil Satre, the former chief executive officer of Harrah’s, now called Caesars Entertainment Corp., confirmed to Bloomberg News that he withdrew his name from consideration for a Wynn Resorts board seat. The candidate was offered a position on the board, but not the role of chairman or vice chairman, Elaine Wynn said in a regulatory filing Monday.
Stocks opened to strong early gains Monday, as China's markets rallied and Netflix, Baidu, NetEase and Wynn Resorts provided early lift.
A top executive at Wynn Resorts Ltd. who knew for years about a $7.5 million settlement between former Chief Executive Steve Wynn and a casino employee intends to step down from her role soon, according to the company. Kim Sinatra, the company’s executive vice president and general counsel, will no longer serve in that position as of July 15, the company said. In a filing, Wynn Resorts said the terms of Ms. Sinatra’s move hadn’t been finalized.
Wynn Resorts Ltd., whose founder stepped down earlier this year over allegations of sexual harassment, said General Counsel Kim Sinatra left her position, marking another high-profile change at the casino company. Wynn Resorts hasn’t completed the terms of her transition, according to a filing Thursday.
Gaming Stocks Showing Signs of Life Gaming stocks were showing signs of recovery Tuesday one day after weak revenue growth in the Macau gaming region in China sent gaming stocks tumbling. Shares of MGM Resorts International were up 0.
The S&P 500’s top losses on July 2 were: Wynn Resorts (WYNN) fell 7.9%. Apache (APA) fell 4.4%. Cimarex Energy (XEC) fell 4.0%. Kimco Realty (KIM) fell 3.9%. Noble Energy (NBL) fell 3.7%. Wynn Resorts
"You got to know when to hold 'em, know when to fold 'em," Kenny Rogers sings in his ballad "The Gambler." Gaming stocks investors should give a listen. Shares of Wynn Resorts WYNN , Las Vegas Sands LVS and MGM Resorts MGM fell nearly 8 percent, 6 percent and 3 percent, respectively after Macau gambling revenue results fell short of expectations. Wynn saw its single worst-day drop since January, when sexual misconduct claims against Steve Wynn were reported, leading to the casino magnate's departure as CEO.
Let's check out the Yahoo Finance charts of the day. Baidu (BIDU): Shares are up in early trade, at around .2%. The Chinese technology company will collaborate with BMW to develop autonomous driving technology in China. Microsoft (MSFT): Shares up here, at around .33%. The company is cutting prices on its Surface devices, introducing a $399 tablet to compete with Apple least-expensive ipads Wynn Resorts (WYNN): Shares up here, at around 1.63%. Stifel Nicolaus upgraded the stock to "buy" from "hold" saying the recent pullback in the stock's price has created a compelling risk/reward for the casino operator. For more on today's big stock movers check out the Final Round, live at 3:55 p.m. ET, right here on Yahoo Finance.