Diamonds and Dogs
Chinese New Year and Trump in the White House should be good for the casino operators. Wynn Resorts (WYNN) is up 2% in a down market thanks to positive January data out of Macau ahead of the Chinese New Year which begins on January 28th. The New Year should be good for all the casino operators in China, plus Steven Wynn gets bonus points for throwing out designer, Tom Ford's clothing, cosmetics and sunglasses from his Vegas casino after the designer declined to cloth the first lady.
Qualcomm (QCOM) is having a bad day. The chipmaker is down 14% to a six month low after Apple issued a lawsuit saying the company is allegedly withholding a billion dollars in rebates due to Apple for participation in South Korea's investigation and for overcharging royalties. The billion dollar lawsuit doesn't mean much to Apple with a $200 billion cash position, but the lawsuit could crimp earnings at Qualcomm by as much as 6% as one analyst at Cowen suggested.