Wynn Resorts (WYNN) NewsBite - WYNN Rises on Las Vegas Rebound Hopes

Posted: Friday, October 30, 2009 10:46 AM EDT

Wynn Resorts (NasdaqNM: WYNN) opened at $56.82. So far today, the stock has hit a low of $55.86 and a high of $57.75. WYNN is now trading at $55.92, down $0.37 (-0.65%). Over the last 52 weeks the stock has ranged from a low of $14.50 to a high of $74.90. Shares of WYNN are on the move with other casino stocks this morning after competitor Las Vegas Sands (LVS) said business may have bottomed in Las Vegas during the most recent quarter. This could be a good sign for WYNN. Technical indicators for the stock are neutral and S&P gives WYNN a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on WYNN the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 65 range. [ABR-Seven Summits Strategic Investments NewsBite]

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