4-2-19 WYNN 4-19 monthly 120 calls pay big money
Wynn’s stock shoots above 200-day moving average after upbeat Macau revenue data
Shares of Wynn Resorts Ltd. WYNN, +4.40% shot up 7.7% in afternoon trade Monday, after Instinet analyst Harry Curtis said data showed that gross gaming revenue (GGR) out of Macau fell less than expected. About 75% of Wynn’s operating revenue in 2018 was from Macau, according to an SEC filing. Curtis said GGR fell 0.4% in March, compared with estimates of about a 3.2% decline. Wynn’s stock was on track to close above its 200-day moving average, which many chart watchers view as a dividing line between longer-term uptrends and downtrends, for the first time since June 22, 2018. “Bottom line: the official March number was far better than expected and should be viewed as an incremental positive for the Macau gaming stock,” Curtis wrote in a note to clients. Shares of Las Vegas Sands Corp. LVS, +2.37% which derives more than half its revenue from Macau, climbed 3.3%, while MGM Resorts International MGM, +0.68% which derives about one-fifth of its revenue from Macau, gained 3.3%. Wynn’s stock has run up 30% year to date, while the S&P 500 SPX, +0.00% has gained 14%.
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