Diamonds and Dogs
Wynn Resorts (WYNN) is back on top. The stock is up 5% to a two year high following better than expected earnings. Revenues rose 47.9% year over year to $1.48 billion. Steve Wynn says the elimination of corruption impacted the luxury market but that 'correction' is over and the cycle is coming back. Mr. Wynn loves that the Raiders are coming to Vegas and he thinks that Vegas will eventually get an NBA team.
Seagate Tech (STX) is under pressure. The disk drive maker is down 17% even though they beat earnings estimates. The company did miss on sales as revenue only grew at 3% to $2.67 billion. Seagate also guided lower for the next quarter due to component shortages. The company put a positive spin on the results reflecting a stable demand environment, good operational execution and momentum in the stabilization of their business model, but Wall Street doesn't seem to be buying it.