Why Is Wynn Resorts Up Big?

Shares of Wynn Resorts, Limited (NASDAQ: WYNN) spiked higher by more than 9 percent on Friday after the company reported 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. Of note, the stock is lower by nearly 20 percent since the start of 2016 and has lost more than 60 percent over the past year.

It's possible the market re-calibrated its expectations in the first week of 2016 too low and the company's preliminary results could have beaten what the market was expecting.