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Analysts are weighing in today on casino operator Wynn Resorts, Limited (NASDAQ:WYNN), molecular diagnostics specialist Cepheid (NASDAQ:CPHD), and oil refiner Valero Energy Corporation (NYSE:VLO) . Here's a quick roundup of today's bearish brokerage notes.
- Credit Suisse lowered its rating on WYNN to "neutral" from "outperform," leaving the stock to churn around breakeven ahead of the bell. Shares of Wynn Resorts, Limited settled Thursday at $160.66, bringing their year-to-date gain to a very respectable 42.8%. In fact, just yesterday, WYNN hit an intraday peak of $162.33 -- the stock's best price since July 2011. As evidenced by today's negative brokerage note, skepticism continues to plague this technical standout. During the past 10 sessions, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 2.37 puts for every call on Wynn Resorts, Limited. Plus, short interest accounts for a substantial 6.7% of the equity's float.
- CPHD is on track to start the day in the red, after ISI Group slashed its opinion of the security to "sell" from "cautious." On the charts, the stock is backing down from resistance in the $40 region, which has served as a round-number roadblock for more than a year. Cepheid closed Thursday at $39.09, barely clinging to a foothold above short-term support at its 10-day and 20-day moving averages. ISI Group's downgrade comes just a few days after Bank of America-Merrill Lynch cut CPHD to "neutral," but most analysts remain upbeat , with 10 out of 15 firms offering up a "buy" or better recommendation.
- A number of domestic refiners found themselves on the receiving end of negative attention from Oppenheimer this morning -- including VLO, which was downgraded to "perform" from "outperform." The shares have slipped 0.5% in electronic trading, with Valero Energy poised to chip away at its year-to-date gain of 9.4%. The stock finished Thursday at $34.10, deepening a recent breach of support at its 50-week moving average. However, the $33-$34 neighborhood has served as a floor for VLO since late June, and could continue to prop up the stock in today's session.