Volume Spike Investor

Wynn Resorts Ltd. (NASDAQ: WYNN) posted earnings of $0.13 EPS rather than the $0.40 EPS target from analysts.  This one has already been battered and tattered, but just like the tee-shirt says: “The beatings will continue until morale improves.”  Morale doesn’t have to improve in the casinos.  The beatings look like they are just going to continue.  Shares are down 16.5% at $21.55 at 9:28 AM EST.  We have seen over 90,000 shares trade hands, but with a 2.2 million share average daily volume and with the gap-down being so much we would expect that the average volume is hit in the first 90 minutes or so.

This is a new 52-week low as the range was $22.55 to $119.74.

Jon C. Ogg
February 25, 2009