Shares of casino operator Wynn Resorts (WYNN) finished Monday's trading day down almost 6 percent. The stock is TheStreet's Move of the Day. Shares slumped after a note from Sterne Agee analyst David Bain said gaming revenue from Macau, an island in China that permits gambling, will see a double-digit decline. 'Macau table-only gross gaming revenue [was] $410 million from June 1 to June 7,' Bain wrote, adding that the run rate points to a 46 percent year-over-year decline in gross gaming revenue, totaling $1.8 billion. 'While the Macau market should continue to generate sequentially 'less bad' results from a growth bottom in February, we expect near-term 2Q15 consensus estimate downward revisions and additional caution directed at [Calendar Year 2016] market estimates post additional smoking restrictions to be implemented by the Macau Government,' Bain added. That report sent shares of Wynn Resorts lower. 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.