Yesterday, on a walk in downtown Manhattan around lunchtime, I rounded a corner and was hit by a myriad of bubbles. I mean, hundreds of them. Where did they all come from? There wasn't a kid or bubble machine in sight. Only in New York!

Asian stocks rose overnight. The Hang Seng and the Nikkei were up 1.68% and 1.89%, respectively. European stocks, however, were a bit mixed earlier this morning. And here in the US, we're currently trading higher.

Here’s what I’m focused on this beautiful Friday morning:

Las Vegas Sands (LVS):
Excluding items, the casino dealt out a profit of a penny a share in its second quarter, which was better than the penny loss analysts had been figuring on. But its revenue number looked a tad on the light side.

My thoughts:

1. Vegas is still a rough place to be right now as gamblers are holding onto their chips tightly. And although there may be opportunities in Asia for Las Vegas Sands, I’m not too eager to toss my money at the stock right now.

2. Why is this stock trading north of $11? Look at the estimates out there for this year and next.

3. That said, the news of asset sales (if they come) could give the company some financial oxygen and possibly spark interest in the stock.

For my previous take on LVS, click here.

Wynn Resorts (WYNN):
I didn’t get a chance to weigh in yesterday when it released, so I want to now.

As many of you may already know, excluding items, the casino put up a surprising $0.09 a share in its second quarter. Analysts had been figuring on the company losing a penny a share. 

So would I drop coin on it now?  

1. At the risk of incurring the bulls' wrath and what will surely be a wicked flurry of not-so-kind emails, the answer is a resolute no. I think this stock is ahead of itself right now, too. The shares are north of $50 yet it’s expected to post a pretty healthy loss this year. Additionally, the near-term outlook for gambling -- particularly here in the good ol’ USA -- isn’t all that swell. 

2. What’s going to take the stock higher from this level in the near-term? I haven’t an answer for that. I see much more downside risk than upside potential in the near-term at this particular point.