Apparently I also missed Wynn Resorts (WYNN) reporting earnings - as always, should not have high exposure long or short going into an earnings report. Instead of losing 1 cent the company gained 9 cents and true to form the stock is up 15%. They missed on revenue but no one cares about revenue anymore.
We had half a short position on this name (2% allocation), so I am going to add the second half in the coming day(s) - preferably as the S&P scorches through 1000 on the way back to all time highs by Labor Day. Should not have had any position since earnings were coming but just missed it. Let go of a quick profit on the short side just like that (first 2% is in mid $46s). The stock is north of $50 and I'd love for it to get to $60 to put the 2nd half on; then when it drops to fill today's gap we can still win. Let's do it.
- Casino operator Wynn Resorts Ltd (WYNN) posted a lower second-quarter profit on Thursday as revenues fell. Wynn, which has filed to list its Macau unit on the Hong Kong stock exchange, reported net income of $25.5 million, or 21 cents per share, compared with net income of nearly $272 million, or $2.42 per share, a year earlier.
- Profit fell to $25.5 million, or 21 cents per share, from $272 million, or $2.42 per share last year. Adjusted to exclude one-time items, net income totaled 9 cents per share. That beat analyst expectations of a penny loss per share.
- Revenue fell 12 percent to $723.3 million from $825.2 million in last year's second quarter. Analysts predicted higher revenue: $739.3 million.
Short Wynn Resorts in fund; no personal position