Las Vegas Sands is not buying Wynn Resorts
According to chatter on the social media network, Sands was offering a bid between $120 and $125 per share. The high end of that purchase price represents a 19% upside from the stock's closing price on Wednesday.
Within 40 minutes, Wynn's stock rallied to $108.60 but has since backed off the $108.00 area. That high comes in just above its September 19 high ($108.43), but well shy of the pair of highs in the $109.00 handle from September 15 ($109.50) and September 16 ($109.27).
After getting crushed in December, falling from its month-end November close of $101.99 to end the year at $86.51, it has been a stellar performer in 2017. Based on the $108.00 price, shares of the issue are higher by 25 percent, compared the S&P 500 Index gain of 2 percent.
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