Diamonds and Dogs
A win for Wynn in a down market for this diamond. Wynn Resorts (WYNN) surged 11% on four times its normal volume closing just below $100 a share. The casino owner and operator had a great day after pre-releasing quarterly results and also updating shareholders on future properties including converting its Wynn Golf Club in Las Vegas into a lake resort to create hundreds of millions in future profits. The announcements were coupled with an upgrade from Telsey Advisory Group with a $112 price target. It may not be long before the analyst has to raise his price target again.
Being sold to the max! CarMax (KMX) is seeing its shares drop over $3 or 7% following earnings today. Quarterly sales and profits topped estimates compared to the same quarter a year earlier, however, investors apparently were hoping for faster growth. CarMax has struggled in recent quarters amid rising incentive costs and some leveling off from surging sales after the Great Recession. The company is expecting to face a more challenging sales environment in the second half of the year.
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