Wynn Resorts' Stock Gains 9% Following Release Of Preliminary Q4 And Full Year 2015 Results

Shares of

spiked higher by more than 9 percent on Friday after the company

its preliminary fourth quarter and full year 2015 revenue results. Wynn Resorts said that it expects its total revenue in the fourth quarter to be $939 million to $955 million. For the full fiscal year, the company expects its revenue to be in a range of $4.068 billion to $4.084 billion - also short of Wall Street's expectations of $4.10 billion. Despite the revenue miss, shares of Wynn were trading higher. Benzinga reached out to a trader that is familiar with the company's operations. The trader noted that shares of Wynn are lower by nearly 20 percent since the start of 2016 and have lost more than 60 percent over the past year. The trader added that it is likely the market "re-calibrated" their expectations in the first week of 2016 too low and the company's preliminary results could have beaten what the market was expecting.