Diamonds and Dogs
A win for Wynn. Wynn Resorts (WYNN) is the diamond today up 22% following a report that the Chinese government plans steps to revive the flagging gambling industry in Macau, where betting has been in freefall. Last year, Wynn Resorts generated 70 percent of its revenue in the region. Is the Chinese economy ready to turn around? Anyone recently betting on Wynn Reports is a big winner today.
More disappointing earnings and lower guidance for the quarter. Progress Software Corp (PRGS) is the dog of the day after reporting a fiscal third-quarter loss of $4.1 million, after reporting a profit in the same period a year earlier. The company also lowered guidance for the fourth quarter as well. Tech in general is going through a tough patch. Software behemoth, Oracle reported similar disappointing numbers in September. The question is with the recent correction, how much of the bad news has been priced in?