Diamonds and Dogs
Wynn Resorts (WYNN) wins today. Las Vegas Sands was the dog yesterday, but today Wynn is the five star diamond following earnings. The earnings actually were not spectacular, but investors looked past the casino operator's earnings miss and focused on the strong start for the new Wynn Palace casino in Macau. The new $4.4 billion Wynn Palace Resort is ramping up faster than expectations thanks to VIP and mass-market gamblers. Plus the company has the Chinese New Year holiday coming up which is always a popular and profitable time of the year.
Starbucks coffee (SBUX) is running cold. The stock fell 4% back into the middle of its range following lackluster earnings. The companies new popular mobile orders business was initially well received until the customer got to the store to find long lines causing lower traffic and sales. Management said their high-volume stores in the morning are facing congestion problems, but CEO Howard Schultz said they will solve the problem.
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