S&P Losers: Wynn Resorts Asked to Open Books, Sears Holdings Faces Cash Crunch
The S&P 500 (NYSEARCA:SPY) is up today by 0.17% and stands at 1,294. Here are three notable stocks that are experiencing large declines today.
Wynn Resorts Limited (NASDAQ:WYNN): Universal Entertainment seeks to compel its partner Steve Wynn to open the books of Wynn Resorts for formal inspection. Universal is a 35.5% owner of Wynn. A lawsuit filed by Universal’s Entertainment’s Kazuo Okada seeks to force Wynn Resorts to open up their books regarding a $129M pledge to a Macau University and delve into certain details of a stockholder agreement amendment that followed Stephen Wynn’s divorce. Okada says he’s looking to protect his $380M stake in Wynn.
Investing Insights: Wynn Fall: Casino’s Stock Drops 6% After Largest Shareholder Files Charges.
Sears Holdings Corporation (NASDAQ:SHLD) takes another hit after CIT Group says it will stopsupplying loans for Sears’ suppliers – cutting an important source of ready cash flow from the embattled retailer. More companies are expected to drop their financing as well. The latest update from Sears is that it sits on $4.2B in liquidity at the end of the month of December, including a fee of $900M in cash.
Shares of First Solar Inc. (NASDAQ:FSLR) dip after the Bank of America says alternative energy shares are going togo through some pain this year and “sustained outperformance” won’t come until 2013. Also, speculation is circulating that the company may appoint a new CEO as early as tonight.
Don’t Miss: Retail Sales Rose Just 0.1% in December.
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