Casino Stock Blitzed by Bear Notes After Earnings

Wynn Resorts' Macau figures overshadowed a top-line beat for the third quarter

Digital Content Manager
Nov 10, 2023 at 10:32 AM
facebook X logo linkedin

Casino stock Wynn Resorts, Limited (NASDAQ:WYNN) is down 8.6% to trade at $82.83, on track for its worst single-session drop since October 2022. While the company reported third-quarter earnings and revenue that topped expectations, analysts were more concerned about Wynn's Macau properties, which missed revenue estimates amid market headwinds in Asia. WYNN saw no fewer than five price-target cuts in response, with the lowest coming from Jefferies to $91 from $104.

Wynn Resorts stock is trading at its lowest level this year and is on track for its fourth-straight loss, as well as a fourth weekly drop in the last five. To boot, the security breached its year-to-date breakeven level today.

Drilling down to today's options activity, 15,000 calls and 17,000 puts have exchanged hands, volume that is 20 times the intraday average amount. Most popular is the January 2024 75-srike put, where new positions are being bought to open.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), WYNN sports a 50-day put/call volume ratio of 0.67 that ranks higher than 81% of annual readings. This means that while calls still outnumber puts on an absolute basis, the high percentile suggests traders have been more bearish than usual.



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.