Why Wynn Resorts, Extreme Networks, and Calumet Specialty Products Partners Jumped Today
Major benchmarks didn't make any big moves on Tuesday, as market participants largely turned their attention toward the latest maneuverings among Wall Street's institutional investors. Quarterly disclosures created some volatility within individual stocks, as they revealed a number of high-profile portfolio moves among well-known investors, including Warren Buffett. In addition, some good news from several companies sent their share prices substantially higher. Wynn Resorts (NASDAQ: WYNN), Extreme Networks (NASDAQ: EXTR), and Calumet Specialty Products Partners (NASDAQ: CLMT) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Wynn Resorts climbed more than 6% after the casino resort giant got favorable comments from analysts at Deutsche Bank. The analyst company upgraded Wynn stock from hold to buy and boosted its price target on the stock to $150 per share, representing another potential 10% gain even after today's jump. Deutsche Bank thinks that concerns about China and Macau have been overblown, and analysts cited moves to change the configuration of the floor at the new Wynn Palace casino in Macau as improving walk-in business. The move comes as a nice counterpoint to Wynn's earnings report, in which Wynn Palace's growth seemed to slow, and investors are now looking forward to better infrastructure in Macau helping to make the new resort more accessible to visitors.
Image source: Wynn Resorts.
Source: Fool.com