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Wynn Resorts with their backs against the walls with earnings due

Authored by ZanderVanDerMerwe
05.11.2021
Market Overview
0
2 min

Yesterday’s movers: 

  • Nikola Corporation (NKLA) was up 21.48% following positive comments by Nikola CEO during the Earnings Statements.
  • Moderna Inc (MRNA) was down 17.89% as Earnings and Revenue missed their forecast
  • Qualcomm Inc (QCOM) was up 12.73% as Goldman Sachs upgraded the stock
  • NVIDIA Corporation (NVDA) was up 12.04% following positive comments from Wells Fargo with its implementation into the meta-verse

Stocks to watch: 

Wynn Resorts (WYNN)

With Earnings set to be released next week Tuesday, the gambling sector has been some of the hardest hit. As we’re leading up to Wynn’s third Quater earnings that are set to be released a miss on earnings and revenue is sure to push the stock back to $70.

The downfall of Macau is one of the balls and chains that are dragging down the resort as it took a 40% knock-in revenue as it declined substantially in October.

Positive earnings could well see price push up higher, however recent declines and a failure to break the 50 and 200-day moving averages suggest there could still be a substantial downside if current resistance is held. A Price break of $87.50 should give a clear indication of more downside to come.

Authored by ZanderVanDerMerwe
05.11.2021
Market Overview
0
2 min
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