Wynn Resorts, Limited (NASDAQ: WYNN)
Wynn Resorts is having an interesting day in the market today to say the least. At the opening bell, the stock was trading slightly in the green. However, that didn't last long. The stock quickly made a run for the bottom, making it to the red and beyond, where it stayed for about the first hour. However, the stock recently started to spike for the top, making it cleanly into the green. Below, we'll talk about what we're seeing from WYNN, why, and what we'll be watching for ahead.
What We're Seeing From WYNN
As mentioned above, Wynn Resorts is all over the place in the market this morning. After starting the day off slightly in the green, the stock quickly fell to the red, where it stayed for the most part. That is, until minutes ago, when the stock started to skyrocket upward. At the moment (10:37), WYNN is trading at $105.79 per share after a gain of $1.04 per share (0.99%) thus far today.
Why The Stock Is Edging Upward
Before we get too deep into the details, we'd like to extend a big THANK YOU to our partners at Trade Ideas for being the first to alert us to the upward movement on the stock. As soon as we got the alert, the CNA Finance team started working to see why the stock was making a run for the top. It didn't take long to dig up the story. While there was no fundamental news released with regard to the company, we were able to find a rumor that we believe is the cause of the gains.
The rumor is all over social media at the moment, and it suggests that Wynn will soon be acquired. According to the rumor, Las Vegas Sands (LVS) will acquire WYNN in a deal worth between $120 and $125 per share. Most rumors don't include any pricing information. Since this one does, it adds a bit to the validity. However, it's important to keep in mind that most rumors prove to be false, and not to get your hopes up.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on WYNN. In particular, we're interested in learning more about the rumor above and whether or not an acquisition is actually going to happen. We'll continue to follow the story closely and bring you the news as it breaks!
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[Image Courtesy of Wikimedia]