Are Casino Stocks Rebounding from 'Oversold' Conditions Today? LVS, MGM Up 6%, WYNN Up 4%
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Price: $47.03 +2.31%
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
21 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Today's move higher in the Casino & Gaming sector was just highlighted on CNBC's Fast Money Halftime Report. One trader called these stocks sharply "oversold" and said that smart investors may be using the recent weakness as a chance to jump in before earnings. Notably, volume in these casino stocks is slightly above average today.
Shares of Las Vegas Sands (NYSE: LVS) last traded at $16.73, up 5.7% from yesterday's close, MGM MIRAGE (NYSE: MGM) shares are up 6.2% to $16.75 today and Wynn Resorts (Nasdaq: WYNN) shares are up 4.2% to $63.97.
While I would be careful to call these stocks oversold, they have certainly been beaten up since the recent highs set last month. Prior to today's rise, LVS shares were down almost 17% from mid-January, MGM's stock had fallen almost 19% and shares of Wynn were about 15% lower.
NOTE: Las Vegas Sands is expected to report its Q4 results on Feb. 17 and will be immediately followed by MGM on the 18th and then Wynn on the 24th.
Shares of Las Vegas Sands (NYSE: LVS) last traded at $16.73, up 5.7% from yesterday's close, MGM MIRAGE (NYSE: MGM) shares are up 6.2% to $16.75 today and Wynn Resorts (Nasdaq: WYNN) shares are up 4.2% to $63.97.
While I would be careful to call these stocks oversold, they have certainly been beaten up since the recent highs set last month. Prior to today's rise, LVS shares were down almost 17% from mid-January, MGM's stock had fallen almost 19% and shares of Wynn were about 15% lower.
NOTE: Las Vegas Sands is expected to report its Q4 results on Feb. 17 and will be immediately followed by MGM on the 18th and then Wynn on the 24th.
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