Casino Stocks Are A Wild Card
Wynn Resorts Ltd (NASDAQ:WYNN) is considered the leading casino stock in the market. This morning, WYNN stock is trading lower by $5.27 to $115.59 a share. Yesterday after the closing bell, the company released earnings that were below analyst expectations. WYNN stock has been struggling to trade above the December 2011 highs which tell us that the stock has weak relative strength. Traders can watch for intra-day support around the $114.00, and $112.00 levels.
MGM Resorts International (NYSE:MGM), and Las Vegas Sands Corp (NYSE:LVS) are two leading casino stocks that are trading higher despite the poor reaction to WYNN stock. It is important to note that MGM and LVS are getting extended on the daily charts and may need to pull back soon.