Wynn Resorts Narrows Losses (WYNN)

Late last week, Wynn Resorts Ltd. (NASDAQ: WYNN) revealed that its fourth-quarter loss narrowed significantly to $5.2 million, or four cents per share, compared to its year-earlier deficit of $159.6 million, or $1.49 per share. Excluding items, the company earned eight cents per share, with net revenue jumping 32% to $809.3 million. However, though the casino concern’s quarterly sales beat the consensus estimate of $785 million, its per-share figures fell short of the Street's forecast for earnings of 13 cents.

Technically speaking, the shares of WYNN shook off their initial earnings-related losses to finish in the black last week. From a longer-term perspective, the stock's downward momentum may have been limited by its 32-week moving average, which is lingering in the $62 neighborhood. This intermediate-term trendline contained most of WYNN's pullbacks in mid-2009, and could once again act as a technical foothold for the equity.

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