The stock market wasn't able to bring its positive momentum into the new week, and the Nasdaq Composite (^IXIC 0.36%) found itself as the big loser on the day. As of 11 a.m. ET, the Nasdaq was down more than 1.5%, which was worse than the smaller losses most of its benchmark peers posted.

However, a couple of stocks drew attention from investors in a more positive way. Wynn Resorts (WYNN -0.52%) has attracted the notice of a well-known investor in the entertainment industry, while Align Technology (ALGN 1.76%) expressed its own confidence in its longer-term prospects. Below, you'll learn more about the details behind these big share-price moves.

Wynn rockets higher

Shares of Wynn Resorts moved upward by nearly 10% on Monday morning. The casino resort giant has a new major shareholder, and investors are excited about what that could mean for Wynn's prospects as it continues to struggle with sluggish conditions in the Asian gambling capital of Macao.

Well-known billionaire investor Tilman Fertitta filed ownership disclosures with the U.S. Securities and Exchange Commission early Monday that confirmed the purchase of a 6.1% stake in Wynn Resorts stock. The disclosures indicate holdings of about 6.92 million shares, worth more than $400 million based on the closing price from Friday.

Fertitta already has a substantial position in the industry. He purchased the Golden Nugget line of casino resorts in the mid-2000s, which now spans gambling markets across the U.S., and he more recently indicated interest in expanding his holdings in Las Vegas and elsewhere. Better known for his Landry's restaurant chain and his ownership of the Houston Rockets basketball team, Fertitta has extensive financial resources with which to consider further moves.

It's early to speculate whether the move could be a prelude to a full acquisition bid or simply an invitation from Fertitta to offer his guidance. The stock is down about 25% year to date. With Wynn facing the difficulties of China's zero-COVID policy, it'll be interesting to see what Fertitta's next step turns out to be.

Align straightens up

Meanwhile, shares of Align Technology rebounded 5%. The move came amid an expression of confidence from the maker of the Invisalign clear orthodontic device.

Align announced it had used a portion of its $1 billion share buyback authorization to enter into an immediate $200 million accelerated stock repurchase agreement. Under the terms of the agreement, Align will receive about 849,000 shares of stock, with the final numbers to be determined based on share prices during a specific measuring period. Align will fund the purchase with a portion of the $1.1 billion in cash it had on hand as of Sept. 30, with the expectation of its completion by the beginning of February.

In addition, CEO Joe Hogan made a personal statement with an insider purchase of his own. The executive said he would purchase $2 million in Align stock, adding to the $2 million that he spent on shares back in May. Hogan highlighted not only the success of Align's core business but also the opportunities in digital orthodontics and restorative dentistry that lie ahead for the company.

Align shares plunged after the company released its latest financial report, which included concerns about the short-term impact of faltering macroeconomic conditions on the maker of orthodontic equipment. Stock repurchases by themselves won't be enough to make the share price get back on a more positive course, but shareholders are hopeful that the company's long-term fundamental prospects will win out despite the likely volatility during the rest of 2022 and into 2023.