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A large, unusual tranche of call options traded today in Wynn Resorts (WYNN) after it released its Q2 earnings yesterday. The out-of-the-money calls highlight some investors' belief WYNN stock could be undervalued.
The stock is at $75.90 in midday trading, down slightly today, although WYNN stock has been sliding for the past 3 months. On May 24, WYNN stock was at $94.62. So, it's now down about 20% in the past quarter.