Wynn Resorts Stock Surges After Earnings

The stock is gapping to its highest level since early August

Laura McCandless

Deputy Editor

Feb 8, 2024 at 11:10 AM

WYNN

Wynn Resorts Ltd (NASDAQ:WYNN) stock is surging today, after the casino giant's fourth-quarter results beat estimates. No fewer than six analysts lifted their price targets after the event, though CFRA slashed its rating to "hold" from "buy." At last glance, WYNN was up 7.4% at $107.25.

Today's pop has Wynn Resorts stock gapping to its highest level since early August. The stock has more than recovered its mid-November post-earnings losses, which sent it to 52-week lows. On track for its eighth weekly win in the last nine weeks, the equity is up 16.6% since the start of 2024.

Over in the options pits, 31,000 calls and 9,547 puts have been exchanged -- fives times the volume typically seen at this point. The February 110 call is the most popular contract, with new positions being bought to open there.

Though shorts having been covering their bets, with short interest down 12.4% in the last two weeks, there is still plenty to unwind. The 5.13 million shares sold short account for 5.4% of the stock's available float.

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