Wynn Resorts Ltd (WYNN)

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WYNN is leading the S&P gainers on a bull note from Jefferies
By: Schaeffer's Investment Research | June 10, 2019

ANALYST COMMENTS HAVE WYNN STOCK SCALING SPX

Casino concern Wynn Resorts is at the top of the S&P 500 Index (SPX) this afternoon. The equity got a boost, along with other gambling stocks, after Jefferies predicted a 10% rally in gross gaming revenue (GGR) growth for 2019 thanks to an improving Chinese economy. The analyst said WYNN had the highest leverage and exposure to Macau of all its sector peers. The stock is 5.6% higher at $117.25, in reaction.

The equity has been on the rebound since bottoming out at a four-month low right beneath the $105 region in early June. The stock has managed a nearly 14% gain since this bottom, and is now trading back atop its 20-day moving average for the first time since early May.

Options traders are likely hoping to the stock resumes its longer-term downtrend, though. WYNN sports a 10-day put/call volume ratio of 0.85 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits in the 94th percentile of its annual range, suggesting a much healthier-than-usual appetite for bearish bets recently.

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