Wynn: The top gainer
As we saw in Part two of the series, the energy sector of the SPDR S&P 500 ETF (SPY) gained the most on Friday, October 2, 2015. Energy stocks Denbury Resources (DNR) and QEP Resources (QEP) made it to the top three stocks of the day.
However, the top gainer of the day was Wynn Resorts (WYNN), which is in lodging, casinos, and gaming. The stock gained 22.84% on the day.
Wynn has a beta of 1.38, which implies that it’s a high-risk stock. The stock has earned eight “buy,” 12 “hold,” and two “sell” recommendations. More than 50% of the company’s gaming and casino revenue comes from the Macau region.
The director of China’s Liaison Office in Macau, Li Gang, stated that the Chinese government is planning to support Macau’s economy in all aspects. This statement boosted the share in a heightened, volatile manner.
The stocks of oil and gas exploration and production companies such as Denbury Resources and QEP Resources rose along with oil prices. According to the Baker Hughes weekly oil survey, the rise in oil prices was due to US energy companies reducing oil rig numbers by 26. Denbury rose by 13.2% and QEP rose by 9.69% on October 2, 2015.
Stocks at the bottom
The finance sector was at the bottom of the SPDR S&P 500 ETF on Friday, October 2 because of cues pointing toward a delay in the rate hike. Hence, the stocks at the bottom included those of financial services companies. They were CME Group (CME), Charles Schwab (SCHW), and E-Trade Financial (ETFC). The stocks fell by 3.42%, 3.33%, and 1.76%, respectively, on October 2, 2015.
Let’s take a quick glance at the UK stock market as well.