Last Call: Steve Wynn's Win

Wynn Resorts Chairman and CEO Steve Wynn smiles during a news conference.
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Wynn Resorts Chairman and CEO Steve Wynn smiles during a news conference.

Money doesn't make people happy. People make people happy.

-Steve Wynn

— Below, how Joe Francis made Steve Wynn unhappy and now an LA jury has awarded Wynn $20 million in the hopes of making him happy.

Market Musings With CNBC Market Guru Robert Hum

  • Recap: Dow -52.35 (-0.39%) at 13254.29, S&P -8.84 (-0.61%) at 1429.08, Nasdaq -32.40 (-1.03%) at 3104.02
  • Major averages close at lows of day as tech weakness puts late-afternoon pressure on stocks
  • S&P Tech sector has worst day in 2 months, Nasdaq underperforms Dow & S&P 500
  • Apple’s reversal: After hitting another all-time intraday high, Apple loses all of last week’s gains as it closes down 2.6%
  • Mondays prove troublesome yet again: Dow down 13 of last 14 Mondays

What You May Have Missed:

250pm: Web host GoDaddy hit by technical problem, sites down/Reuters: “GoDaddy, one of the world's biggest Internet hosting firms, said that some customer web sites and email accounts went down on Monday. An anonymous hacker claimed responsibility for the service disruption. It was not clear how many customers were affected by the outage. The website of Scottsdale, Arizona-based company was inaccessible late on Monday afternoon.”

300pm: L.A. jury awards casino mogul Steve Wynn $20 million in slander suit/Reuters: “Los Angeles jury awarded casino owner Steve Wynn $20 million in damages on Monday in his defamation suit against Joe Francis, creator of the "Girls Gone Wild" video series, who Wynn accused of slander for claiming the Las Vegas mogul wanted him killed. The lawsuit accused Francis of publicly stating on several occasions, including during a national television broadcast, that Wynn wanted to have Francis killed over a gambling debt and buried in the desert.”

430pm: Zynga chief marketing, revenue officer resigns/ – Cadie Thompson: “Zynga's chief marketing officer Jeff Karp is leaving the gaming firm, the company said Monday. Karp's exit follows a slew of other company execs leaving the company. John Schappert, Zynga's former chief operating officer left the company in early August.”

545pm: Portugal to announce bailout review results on Tuesday/Reuters: “Portugal's government will on Tuesday announce the results of the fifth review of the country's 78-billion-euro bailout by the European Union and the International Monetary Fund, the finance ministry said late on Monday.”

700pm: Moody's cuts Panasonic rating to just above junk/Marketwatch: “Moody's Japan KK downgraded its credit rating for Panasonic Corp. by two notches to just one level above speculative or "junk" grade, reports said Monday.”

The Word on the Street Tonight

Apple Risks Start of the iPhone Evolution/WSJ: Rolfe Winkler: “The new iPhone is sure to shatter previous sales records. It may also prove the moment to dump AAPL shares. … But the device setting those records is itself likely to be just an incremental upgrade over its predecessor, the iPhone 4S. Indeed, if the latest version of Apple's mobile operating system is any guide, the newest iPhone may not look that much different from smartphones Apple sold over three years ago. Granted, the screen is expected to be larger and the device thinner. But the actual user experience isn't expected to be very different. … In one sense, that is good since a reason the iPhone is so popular is that "it just works," notes analyst Neil Mawston of research firm Strategy Analytics. … n another sense, sticking to the iPhone's traditional design is a problem, giving rivals a chance to jump ahead with new features.”

Even After ‘Whale’ Losses, Bankers Hammer Volcker/WSJ - Alan Zibel: “The consensus after last spring’s multibillion dollar trading loss at J.P. Morgan , was that regulators would be sure to implement a strong ban on banks’ trading activities under the so-called Volcker Rule. The rule, contained in the 2010 Dodd-Frank financial overhaul law, has yet to be made final. In the meantime, some banking industry groups and House Republicans aren’t holding fire.”

Amid Outage, GoDaddy Moves DNS to Competitor VeriSign/Wired – Robert McMillan: “Following a day-long Domain Name Service server outage, web hosting provider GoDaddy is letting its competitor, VeriSign, host its DNS servers. On Monday afternoon — about four hours after it was knocked offline — GoDaddy’s administrators made a change to the company’s DNS records, indicating that they were shifting control of the servers from GoDaddy to VeriSign.”

Economic Data

730 Aug NFIB

830 Jul US Trade Deficit

1000 Jul JOLTS

1300 3-Yr Note Auction


Before the Bell:

United Natural Foods

Key Guests

Kenny Dichter, Marquis Jet Founder (640a)

Tim Armstrong, AOL CEO (640a)

Kenneth Langone, Invemed Associates Chairman (700a)

Dick Grasso, Former NYSE CEO (700a)

Donald Trump, Trump Organization Chairman (730a)

Shawn Matthews, Cantor Fitzgerald CEO (800a)

John Paul Dejoria, Paul Mitchell Co-Founder (830a)

Larry Silverstein, Silverstein Properties CEO (1000a)

Russell Goldsmith, City National Bank CEO (1000a)

Jamie Sokalsky, Barrick Gold CEO (1110a)

Sen Lindsey Graham, R-SC (1120a)

Alexa Von Tobel, LearnVest Founder (1140a)

Charles Jeannes, Goldcorp CEO (1230p)

Michael Lewis, Author (100p)

Justin Rattner, Intel CTO (110p)

Mark Cutifani, AngloGold Ashanti CEO (110p)

Paul Auslander, Financial Planning Association President (200p)

Jim Rogers, Rogers Holdings Chairman (700p)

Follow Tom Rotunno on Twitter: @tomrotunno

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