Below is a brief note written by CEO Keith McCullough:
Patience continues to be a critical part of the risk management #process. We have plenty of long ideas - we would just prefer that you buy them when they are on sale.
One of veteran Gaming analyst Todd Jordan's favorite names (long side) right now is Wynn Resorts (WYNN).
It's down -3% today (no China trade deal?) and signaling immediate-term TRADE #oversold within his Bullish @Hedgeye intermediate-term TREND research view.
Here's a summary paragraph from Todd's Institutional Research on why:
Following a difficult Q1 and maybe with a little push from management, Street estimates for WYNN for 2H 2019 look too conservative for us. We like that set up.
For now, Wynn maintains significant top line exposure to the VIP segment, which we think is close to bottoming, but longer term its strategy seems to favor mass and even base mass to some extent.
The recent opening of the new Sichuan restaurant within Wynn Palace, the Light Rail (should be ready by Dec 19 at the latest), and other initiatives should support accelerating base mass dynamics for WYNN.
Buy on red (don't chase charts),