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Wynn Resorts Ltd (Symbol: WYNN) shareholders can enhance income by selling January 2027 covered calls at a $160 strike price, yielding an estimated 6.7% return based on an $11.55 bid, which, combined with the current 0.8% dividend yield, results in a total annualized return of 7.5%. The stock would need to increase by 26.4% to reach the call price for shareholders to miss out on further gains, translating to a potential 35.5% total return if the stock is called.
As of mid-afternoon trading on Wednesday, the S&P 500 put volume was 850,295 contracts versus 1.69 million calls, resulting in a put-to-call ratio of 0.50, indicating a preference for call options among traders compared to the long-term median of 0.65.
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