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Wynn Al Marjan
Wynn’s Al Marjan Island (Wynn Resorts)

Wynn rises after Wall Street bets casino giant can keep winning even after earnings miss

Bank of America analysts upgraded the stock to “buy” ahead of its Al Marjan Island debut.

Nia Warfield

Wynn Resorts rose 1.7% Wednesday after Bank of America upgraded the stock ahead of the casino giant’s ambitious expansion into the United Arab Emirates. The analysts now rate the stock a “buy,” up from “neutral,” and raised their price target to $100 from $90.

The upgrade came just a day after Wynn missed top- and bottom-line estimates. First-quarter revenue came in at $1.7 billion, slightly below forecasts, while adjusted earnings per share landed at $1.07, also short of the $1.24 expected.

Last October, Wynn secured a crucial win after receiving the first commercial license to offer gambling in the UAE. That license underpins Wynn’s highly anticipated $3.9 billion Al Marjan Island resort, which is slated to open in 2027. 

“We think the density and growth of wealth relocating to the region, amid a friendly tax and business climate plus well-established tourism infrastructure, are major tailwinds,” analyst Shaun Kelley said in a note. Kelly also said the new resort could help “increasingly de-risk China/Macau exposure,” which has been a concern for the stock. 

“Ultimately, the UAE should drive a return to both growth and diversification away from Macau, that we believe will help reassert Wynn’s once-premium valuation,” he added.

Wynn’s stock is still down 22% over the past year.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

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  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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