$20 multiplied by 102 Million shares............ Hmmmm $2 Billion of market-cap lost in 4 hours. TWO BILLION!!!!! Ole Stormy Weather..... or whatever her name was.... is lookin pretty damn cheap imo.
Yeah, but it's still about $11 / sh higher than it was at the start of the year. It's run up a lot since 2016.
No, perhaps not. But losing a founding CEO to this? That's the bear case. Add in that yesterday only got us back to (already optimistic) pre-earnings numbers, and this is the kind of sobering news that can ground a soaring stock for a while. And given other similar disclosures to this, I'd say there's a reasonable chance of more allegations coming out.
I think it's, an overreaction, so bought some Mar. 180/200 call spreads near, the end, for $7.70. They get 70% of their revenue from Macau and I doubt they care about this. Aflac, was supposedly investigated by SEC, a week ago, back to $90. Equifax, biggest security breach in history, back to where it was, near $130. CSX, tanked when that train legend CEO died, I bought, and it recovered, almost immediately. In this ridiculous market it's a buying opportunity. At worst, he gives up CEO role to heir apparent, and stays chairman, company chugs along.
These are all good points... the question is... when do you reach out and grab the falling sword (chainsaw)? EFX took six trading sessions to bottom and then hung out down there awhile. 5 Months later its still 10% below where it started. CSX and AFL commenced their bounce-backs pretty much the next day. In this case, its a tough call. The underlying fundamentals that propelled it north of $200 haven't changed. And like the one poster said... I seriously doubt the folks patronizing the Macau operations could give two wags of a dog's tail. But...some of that momentum behind the latest run was just that...momentum. (Animal spirits) seems to be the new catch-phrase. Psychology of the herd is an extremely important variable in any stock's price. Especially the high vis, high flyers.... of which WYNN is certainly one. That psychology is driven by a number of things, the least of which is our relentless nonstop 24 hour news cycles. Due to the fact that Stevie W. was the finance chair for the RNC, and the fact that he has of late found some kindred fellowship with Trumpy...I suspect this story is going to live a while longer than the AFL or CSX stories. This has that air of glitterati that the MSM loves to sensationalize. Casino's, billionaires, Vegas, private jets, beautiful women, politics... its got em all. This one won't go away fast. So all that being said... the only thing one knows for sure is its gonna be volatile as hell for a few more days. Fundamentally the PEG is about 6. LVS is 10. MGM is 4. So no help there trying to make a comparison. PE is 49 and 29 forward. Pricey even without this story. So I dunno. If I had to guess, I think $200 is gonna be the top... at least until next quarter. It'll probably establish a base in three or four days and then churn +/- $5 for the foreseeable future. Fun fun. The easy money was LVS yesterday... when it fell in sympathy for a few minutes.
Shocking WYNN is lower today , and the only trades posted here were BULLISH Im shocked. I thought he was ....