Keith shorted WYNN in the Hedgeye Virtual Portfolio heading into Q3 earnings.
Keith shorted WYNN in the Hedgeye Virtual Portfolio at $137.40. According to his model, there is TRADE and TREND resistance 3% and 6% above his entry level, respectively.
As we mentioned in our 3Q preview note yesterday, we don't believe WYNN's Q3 report will set off any fireworks. The Street is already expecting a special dividend and while the announcement of one could boost the stock temporarily, we wouldn't be surprised to see investors sell on the news. Going forward, Macau market share declines in both VIP and Mass and fears of a China slowdown could keep the stock in check.