Bloomberg News

Wynn Resorts, Las Vegas Sands, SLM Corp. Gain: U.S. After-Hours

August 06, 2007

Wynn Resorts Ltd. (WYNN:US) jumped in extended U.S. trading after the company exceeded analysts' estimates on its 11-month-old resort in Macau, China.

Shares of the casino company founded by billionaire Steve Wynn gained $10.38, or 9.7 percent, to $117.77 as of 6:09 p.m. in New York. The company said net income was 82 cents a share, compared with a loss a year earlier. Analysts polled by Bloomberg estimated profit of 53 cents a share, on average.

Shares of other casino companies gained. Las Vegas Sands Corp. (LVS:US), the world's largest casino company by market value, rose $3.98 to $103. MGM Mirage climbed $1.99 to $76.49.

SLM Corp. (SLM:US), or Sallie Mae, gained 79 cents to $50 after reaffirming plans to be acquired by J.C. Flowers & Co., Bank of America and JPMorgan Chase. Approval from the Federal Deposit Insurance Corporation for the transfer of the Sallie Mae Bank is likely to be obtained in September, SLM said.

September futures on the Standard & Poor's 500 Index rose 1.3 to 1469. Nasdaq-100 Index futures gained 1.5 to 1964.

In regular trading, U.S. stocks rallied the most in four years, led by financial companies, on speculation the government will take steps to limit losses in mortgage lending.

The S&P 500 (SPX) rose 34.61, or 2.4 percent, to 1467.67. The Dow Jones Industrial Average rallied 286.87, or 2.2 percent, to 13,468.78. The Nasdaq Composite Index added 36.08, or 1.4 percent, to 2547.33.

To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.

To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net.


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Companies Mentioned

  • WYNN
    (Wynn Resorts Ltd)
    • $138.97 USD
    • -1.55
    • -1.12%
  • LVS
    (Las Vegas Sands Corp)
    • $52.31 USD
    • -0.59
    • -1.13%
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