Shares of Las Vegas-based casino operator Wynn Resorts (WYNN) ended Thursday's trading day up over 7 percent, making it TheStreet's Move of the Day. TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, said in a segment on CNBC that there is speculation that Wynn might merge with Las Vegas-based competitor MGM Resorts International (MGM). During Wynn's first quarter earnings report, released in late April, the company reported earnings per share of 70 cents, falling short of the consensus estimate. Revenue slumped almost 28 percent year-over-year to $1.09 billion. While revenue from Wynn's Macau properties, a major casino hub in China, dropped nearly 38 percent from the same quarter last year, on Thursday, Barron's reported on a note from analysts at Credit Suisse (CS), who say Macau is starting to show strength. As for MGM Resorts, the casino operator's first quarter earnings per share eclipsed estimates by 13 cents and jumped 50 percent year-over-year, according to a report released in early May. Though revenue fell 11.3% over the past year and fell short of analysts' estimates. Trading volume was particularly heavy for Wynn on Thursday. Some 5.6 million shares traded hands, significantly higher than its average trading volume of 2.6 million. MGM Resorts saw some 14.4 million shares traded, compared to its daily average of 12.3 million. Shares of Wynn Resorts have fallen almost 27 percent since the start of the year, while MGM Resorts' stock has lost 5 percent. TheStreet's Scott Gamm reports from New York.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.