The stock market remained volatile on Wednesday, with major benchmarks trading in wide ranges over the course of the day. Market participants are still trying to figure out whether the huge drop in key stock indexes on Friday and Monday was a one-time isolated event or the beginning of a more pronounced downward trend. Without much guidance, many investors chose to focus instead on stock-specific news that helped drive some share prices sharply higher. Wynn Resorts (WYNN -1.72%), Tronc (TPCO), and Weight Watchers International (WW -4.44%) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Wynn CEO steps down
Shares of Wynn Resorts climbed nearly 9% after CEO Steve Wynn resigned from his position at the company. In a brief statement, the founder of the company said, "I have reached the conclusion I cannot continue to be effective in my current roles." The casino giant will now be led by Matt Maddox, whom the departing chief executive lauded as being "well positioned to carry on the plans and vision for the company I created." Investors were pleased with the move, which they hope will take the gaming giant out from under the cloud of allegations of misconduct that has surrounded Steve Wynn in recent days.
Image source: Wynn Resorts.
Tronc makes a sale
Tronc stock soared 19% in the wake of the newspaper company receiving a buyout bid for one of its premier properties. Billionaire Dr. Patrick Soon-Shiong and his Nant Capital entity will pay $500 million in cash to acquire the Los Angeles Times, San Diego Union-Tribune, and other papers in the California News Group. Soon-Shiong and Nant Capital will also take on $90 million in pension liabilities attributed to the newspapers. Justin Dearborn, who is Tronc's CEO, celebrated the deal, noting that it will let Tronc pay down debt and have cash left over. The parties expect a relatively quick approval process within the next few months, and Tronc should be left in a better position to forge a higher-growth future with its remaining publications, including the Chicago Tribune and New York Daily News.
Weight Watchers gets fit
Finally, shares of Weight Watchers International jumped 17%. The weight management program operator made its own resolutions, seeking to boost sales by more than half in the next two years by offering its summer program free to teenagers, adding new members more broadly, and hanging onto customers more effectively. Shifts in the food offerings that Weight Watchers makes available could also be a big change, although competitors will almost certainly respond with moves of their own to fight for new clients and defend their existing customer base. Even with those challenges, Weight Watchers is riding positive momentum that could help it achieve its ambitious goals.
