This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Five Dumbest Things on Wall Street This Week: Feb. 8

4. Wynn's Easy Win

Let's be honest, folks: Did anybody really believe Nevada gaming officials were going to rule against casino mogul Steve Wynn in his fight against his former partner Kazuo Okada?

We didn't think so.

In perhaps the least surprising decision to come out of Las Vegas since Larry Holmes stopped Gerry Cooney three decades ago, the Nevada Gaming Control Board determined that Okada's allegations against Wynn Resorts (WYNN - Get Report) regarding a donation made to the University of Macau by Wynn Macau were unfounded. Additionally, the U.S. District Court of Nevada granted Wynn Resorts' motion to dismiss a shareholder suit action -- yeah, Okada again -- against Wynn and it's board based on the Macau donation, saying there was insufficient legal basis for the case to go forward.

Think about it. The guy's last name is Wynn. Did you really think he was going to lose?

Not in a million years and certainly not in his own backyard.

And those were only two of CEO Steve Wynn's preordained victories this week. He also got the nod from proxy adviser Institutional Shareholder Services, which recommended that Wynn shareholders oust Okada from its board at a special Feb. 22 meeting. Okada was previously deemed persona non grata at the company after former FBI director turned Steve Wynn's personal snoop Louis J. Freeh fingered Okada in a bribery scandal involving Philippine officials. The casino company forcibly redeemed Okada's 20% stake in the company last year for a $1.9 billion promissory note payable in 10 years.

"Mr. Okada is an unsuitable person, and we are seeking to remove him from the Board of Directors of Wynn Resorts to protect the interests of the company and our shareholders," the company said in a statement.

So after Steve Wynn's trio of triumphs this week, does anybody really believe Okada can score an upset at the upcoming shareholder meeting?

Come on. Raise your hands if you think Okada has a shot.

Once again, we didn't think so.
2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HLF $59.73 0.05%
HPQ $12.57 -1.49%
WYNN $89.17 0.00%
AAPL $95.03 -2.90%
FB $116.73 7.20%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs