WYNN - Reported earnings this morning.
The company's fourth-quarter net profit of 57 cents a share reversed a loss in the same quarter of 2006 of 55 cents a share. Revenue rose 26% to $711.3 million.
On an adjusted basis, net profit came in at 72 cents a share, compared with 53 cents a share a year earlier. That beat the expectations of analysts surveyed by Thomson Financial, who predicted adjusted net income of 68 cents per share on revenue of $692 million.
For all of 2007, Wynn's revenue was up 88% from 2006 to $2.69 billion, but net profit was down 59% to $258.1 million, or $2.34 a share.
The stock's general trend has reversed with the gap down this morning. Therefore we are selling the March 135 Calls against the current 95 Puts.