President Donald Trump knocked tariffs down to a 10% universal rate
Wynn Resorts, Limited (NASDAQ:WYNN) stock is in rally mode, last seen up 13.5% to trade at $75.01. The surge follows President Donald Trump's move to knock tariffs down to a 10% universal rate, excluding China, for 90 days as negotiations with trade partners happen. Separately, Deutsche Bank cut WYNN's price target to $110 from $129 earlier.
The options pits are buzzing with activity. So far today, 67,000 calls have crossed the tape -- 12 times the intraday average volume -- compared to just 6,676 puts. The most active contract is the June 80 call, but positions are being opened at the September 65 call.
This penchant for bullish bets has been prevalent lately. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 4.52 ranks in the 95th percentile of annual readings.
WYNN is looking to snap a six-day losing streak with its biggest single-day percentage pop since February 2020. The shares still carry a 29.9% year-over-year deficit as they bounced off yesterday's two-year low of $65.25.
Short sellers are running for the exits, with short interest down 26.8% in the last two reporting periods, though the 2.16 million shares sold short still make up 6.6% of the stock's available float. Plus, the majority of analysts remain bullish, with 12 of the 14 covering the shares calling them a "buy" or better.