After hitting all-time highs in March, Wynn Resorts (WYNN) shares have been under some pressure, as Macau and other concerns, weighed on the gaming sector. The stock faded over $50 from it's $249 March high, and has battled to stay over $200 since May.
I think it would be safe to say many were expecting a weak second quarter of results when Wynn Resorts (WYNN) reported earnings this morning. Instead, Wynn Resorts (WYNN) reported a decent quarter, besting eps estimates, while slightly missing on the revenue side.
I think this report marks the bottom for both Las Vegas Sands (LVS) and Wynn Resorts (WYNN), and both stocks can look towards hitting new all-time highs before the year is out.
I added some weekly calls on Wynn Resorts (WYNN) this morning, and will look to add more calls in the coming days. I expect the stock to trade above $220 today, and possible $230+ before the weeks out.