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WYNN RESORTS, LIMITED

(WYNN)
  Report
Delayed Nasdaq  -  01:00 2022-11-25 pm EST
74.93 USD   -0.57%
11/26Macao awards casino licenses to MGM, Sands, Wynn, 3 others
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Wall Street extends declines on recession worries

09/26/2022 | 01:38pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

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Tech, consumer discretionary pare back gains

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Casinos jump as Macau allows tour groups after nearly 3 years

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Indexes down: Dow 1.06%, S&P 0.99%, Nasdaq 0.53%

Sept 26 (Reuters) - Wall Street's main indexes extended declines on Monday as investors continued to fret about the Federal Reserve's aggressive policy tightening and its impact on the U.S. economy.

The last two weeks have been rough for U.S. stocks, with the Dow Jones Industrial Average coming within spitting distance of a bear market in the previous session, after the Federal Reserve signaled that high interest rates could last through 2023 on Wednesday.

The S&P 500 index has shed almost all of its gains made in the summer and is hovering near its mid-June closing low of 3,666 hit on Friday.

The morning session kicked off with some hope of a rebound after the Nasdaq index rose as much as 1.4%, only to edge lower as a bounce in growth stocks proved short-lived.

Gains in sectors housing megacap growth companies, including technology, consumer discretionary and communication services, petered out by early afternoon, with Apple Inc, Microsoft Corp, Amazon.com Inc and Tesla Inc only up between 0.3% and 0.9%.

"Bargain hunters tend to step in when markets hit year-to-date lows and that will typically drive those sorts of bounces," said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.

"Obviously, there are concerns about continued tightening of the Fed policy, the next rate hike doesn't happen till early November, but it's a virtual certainty that it will happen."

Trading sentiment was also hurt by dramatic moves in the global forex market as the sterling hit an all-time low on worries that the new British government's fiscal plan threatened to stretch the country's finances to their limits.

That also added an extra layer of volatility to markets worried about a global recession amid soaring prices. The CBOE Volatility index, hovered near three month highs

At 12:41 p.m. ET the Dow Jones Industrial Average was down 314.77 points, or 1.06%, at 29,275.64, the S&P 500 was down 36.67 points, or 0.99%, at 3,656.56 and the Nasdaq Composite was down 57.06 points, or 0.53%, at 10,810.87.

Shares of casino operators Wynn Resorts, Las Vegas Sands Corp and Melco Resorts & Entertainment jumped between 12.2% and 25.1% after Macau planned to open to mainland Chinese tour groups in November for the first time in almost three years.

Declining issues outnumbered advancers for a 4.43-to-1 ratio on the NYSE and for a 2.24-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week high and 87 new lows, while the Nasdaq recorded 12 new highs and 424 new lows. (Reporting by Shreyashi Sanyal and Ankika Biswas in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.96% 148.11 Delayed Quote.-14.92%
MICROSOFT CORPORATION -0.04% 247.49 Delayed Quote.-26.39%
TESLA, INC. -0.19% 182.86 Delayed Quote.-48.09%
WYNN RESORTS, LIMITED -0.57% 74.93 Delayed Quote.-11.89%
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Analyst Recommendations on WYNN RESORTS, LIMITED
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Financials (USD)
Sales 2022 3 737 M - -
Net income 2022 -544 M - -
Net Debt 2022 8 584 M - -
P/E ratio 2022 -16,1x
Yield 2022 -
Capitalization 8 423 M 8 423 M -
EV / Sales 2022 4,55x
EV / Sales 2023 3,23x
Nbr of Employees 26 950
Free-Float 72,8%
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Technical analysis trends WYNN RESORTS, LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 74,93 $
Average target price 84,36 $
Spread / Average Target 12,6%
EPS Revisions
Managers and Directors
Craig S. Billings Chief Executive Officer & Director
Julie Cameron-Doe Chief Financial Officer
Philip Glen Satre Non-Executive Chairman
Patricia Mulroy Independent Director
Clark T. Randt Independent Director
Sector and Competitors
1st jan.Capi. (M$)
WYNN RESORTS, LIMITED-11.89%8 423
LAS VEGAS SANDS CORP.14.69%32 988
MGM RESORTS INTERNATIONAL-20.05%13 721
GENTING SINGAPORE LIMITED0.00%7 633
KANGWON LAND, INC.0.21%3 660
SJM HOLDINGS LIMITED-35.78%2 871