Wynn Resorts to pay $2.6 billion to settle lawsuit with Japan’s Universal
(Reuters) – Wynn Resorts Ltd (WYNN.O) has agreed to pay $2.6 billion to settle a lawsuit brought by Japan’s Universal Entertainment Corp (6425.T) and its U.S. unit, ending a six-year old dispute that pitted casino mogul Steve Wynn against his former associate Kazuo Okada.
The size of the compensation was lower than market expectations and sent shares in Universal, a maker of Japanese-style slot machines and the operator of a casino in the Philippines, plunging 16 percent in Thursday trade in Tokyo.
Wynn Resorts Isn’t in the Clear Yet
Wynn Resorts (WYNN) is doing just fine, so they say. The company shared better-than-expected intraquarter results on Wednesday and hiked its dividend by 50%, to 75 cents per quarter. Investors cheered. Shares are up 3% so far Thursday to around $174.
But hold the applause.
Earnings before interest, taxes, depreciation, and amortization rose about 30%, helped by the company’s Macau business, but that doesn’t mean that guest traffic wasn’t affected by the allegations of sexual harassment against former CEO Steve Wynn.
Today's Trade of the Day | 3-8-18
Interesting setup in WDC today, it's a great lesson in trade management. Knowing when to build a position and when to trade for cash flow, is a skill that separates winners from the losers. Anyone can look at a chart and decide if you want to buy or sell. But making money, that's a different game. This chart of WDC is getting near a "Saturation Point." A level where institutions "saturate" their short term supply or demand.
The stock is clearly a buy, but you would not be aggressively adding shares, you should be trailing profits. To take this a step further, if you get a higher open, and a push higher off the open you should be aggressively looking to trail profits. If you get a lower open, the stock is still along, but yesterday's high s the target.
Stocks to Trade | Friday Edition 3-9-18
Bullish Momentum: BZUN, AKAM, NKTR, WYNN, OSTK, LVS, STX, ATVI, EXAS, UAL, SQ, TAL, JNJ
Bearish Momentum: cenx, lb, kss, hcn, dg, oxy, sig, tgt
Bullish Order Flow: TWLO, NTNX, TWTR, NKTR, MOMO, LITE, MU, SQ, STX, NFLX, WDC, CRM, INTC, CTSH, ADBE, ATVI, AMZN, SWKS, MA, AMTD,
Bearish Order Flow: dvn, hcn, acad, oxy, khc, agn, alb, cvs, kmx, mcd, xom, celg, ed
Double Normal Volume: ESRX, DLTR, XL, MSCC, OXY, AMGN, CF, BZUN, COST, ETN, ADSK, CENX
Inside Days: xom, amat, nvda, anf, hes, apa, avgo, bp, fl, roku, trip, mxim
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Bitcoin’s Price Wobbles as Japan Cracks Down On Cryptocurrency Exchanges
Japan suspended trading on two cryptocurrencies on Thursday, following a reported $530 million cyber heist at Coincheck, one of the country’s largest crypto platforms, in January.
The country’s Financial Services Agency (FSA) have ordered Bitstation and FSHO to suspend business for at least a month, Reuters reports, after finding that Bitstation’s executive previously used customer funds for personal transactions, while FSHO allegedly failed to shore up customer protection.
The FSA’s sanctions on Thursday also caused Bitcoin prices to briefly plunge. At time of publication, Bitcoin’s price was down about 7% over the last 24 hours.
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