Analysts surveyed by Thomson Reuters expected the parade of earnings declines to continue into the final week of February, with Martha Stewart Living Omnimedia Inc. (NYSE: MSO), Nordstrom Inc. (NYSE: JWN), Home Depot Inc. (NYSE: HD), Wynn Resorts Ltd. (NASDAQ: WYNN), Macy's Inc. (NYSE: M), DreamWorks Animation SKG Inc. (NYSE: DWA), Limited Brands Inc. (NYSE: LTD), Target Corp. (NYSE: TGT), Royal Bank Of Canada (NYSE: RY), Del Monte Foods Co. (NASDAQ: DLM), Kohl's Corp. (NYSE: KSS), Washington Post Co. (NYSE: WPO), Dell Inc. (NASDAQ: DELL), Gap Inc. (NYSE: GPS), Campbell Soup Co. (NYSE: CPB), RadioShack Corp. (NYSE: RSH), and H.J. Heinz Co. (NYSE: HNZ) all expected to post lower earnings for the most recent quarter. Office Depot Inc. (NYSE: ODP), Saks Inc. (NYSE: SKS), and Cooper Tire & Rubber Co. (NYSE: CTB) are expect to have swung to a loss.

This post is part of our feature on Money Losers of 2008. See all 20.

There's no doubt about it -- times are tough. People are struggling to find work and to pay the bills as the value of their homes and savings dwindle. The poor get poorer, and the rich get richer.

Or do they? It's all relative, of course, but world's billionaires have been taking some big hits too. We take a look at Sheldon Adelson, Kirk Kerkorian, and Lakshmi Mittal in their own separate posts, but here are some other billionaires who have lost billions this year (courtesy of Forbes and Business Sheet).

• Brothers Anil and Mukesh Ambani of India's private conglomerate Reliance lost $32.5 billion and $28.2 billion, respectively.
• Warren Buffett, the Sage of Omaha, lost $16.5 billion. Shares of Berkshire Hathaway Inc. (NYSE: BRK.A) are down about 32% since the beginning of the year.
• Microsoft (NYSE: MSFT) founders Bill Gates and Paul Allen lost $12.3 billion and $2.6 billion, respectively, while CEO Steve Balmer lost $6.5 billion. Shares of Microsoft are down 46% since the beginning of the year.
• Larry Page and Sergey Brin, cofounders of Google Inc. (NYSE: GOOG), lost $11.9 billion and $11.7 billion, respectively, and CEO Eric Schmidt lost $3.8 billion. The share price of Google has fallen 55% since the beginning of the year.
• Larry Ellison, CEO of Oracle Corp. (NASDAQ: ORCL), lost $8.2 billion. Shares of Oracle are down 21% since the beginning of the year.
• Media maven Sumner Redstone lost $7.2 billion. Shares of his private investment firm National Amusements fell 70% this year.

Las Vegas Sands (NYSE: LVS) closed at $36.84. LVS September option implied volatility is at 114, October is at 95; above its 26-week average of 61 according to Track Data, suggesting larger price movement.

Wynn Resorts (NASDAQ: WYNN) is recently down $3.52 t $81.90. WYNN September implied volatility is at 74; October is at 70; above its 26-week average of 59 according to Track Data, suggesting larger price movement.

MGM Mirage (NYSE: MGM) closed at $32.45. MGM September option implied volatility is at 93, October is at 91; above its 26-week average of 70, suggesting larger movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

I have a soft spot for Shuffle Master (NASDAQ: SHFL). A few years back, I owned the stock when it was in its growth phase and made a little money on it. Now, though, the gambling entity's shares are stuck in $5-land, and it's truly been a terrible stock.

Well, on Monday, Shuffle Master reported earnings for the third quarter after the market closed. In a relative sense, the numbers weren't too bad, but at the same time, they in no way make me want to buy the stock. And believe me, I have been waiting for the day when data will reveal that Shuffle Master is a buy. I just feel that the company can return to growth at some point. Gambling isn't going away, right?

Anyway, according to this RTTNews link, revenues increased nearly 10% during the quarter, but sadly, the bottom line couldn't move. Shuffle Master booked only $0.08 per share in terms of net income, a stat which represents 0% growth. It also was a miss by two pennies of Wall Street's estimates. However, according to the press release issued by the company, there is one neat silver lining in the form of cash from operations. That metric increased 9% during the quarter, and it was driven by diligent management of working capital changes.

MAJOR PAPERS:

• The Wall Street Journal reported that Toyota Motor Corporation (NYSE: TM) is set to revamp its manufacturing operations in the U.S. in response to rising gasoline prices that have led to a shift toward fuel-efficient models. Officials at the auto maker said key moves may include dropping plans to produce the Highlander car-SUV crossover vehicles in a Tupelo, Mississippi plant, instead producing the Prius at the plant.
• Tomorrow Apple Inc (NASDAQ: AAPL) is set to launch its second version of the iPhone but it also will be opening its APP Store to software developers--an online bazaar--with the intent of bringing more applications to the phone as it has with music via its iTunes stores. Apple's goal is to turn the iPhone into a gadget that more resembles a personal computer, the Wall Street Journal reported.

• According to sources, the South China Morning Post reported that Wynn Resorts Limited (NASDAQ: WYNN) is considering a secondary listing in Hong Kong that would raise as much as $3B. The source said that the fund-raising plan has yet to be approved that that the company is a "long way" from a share sale and "might never do it."

• In an interview, Bloomberg reported that Former St. Louis Federal Reserve President William Poole said there is an increasing chance the U.S. may need to bail out "insolvent" Federal National Mortgage Association (NYSE: FNM), or Fannie Mae, and Federal Home Loan Mortgage Corporation (NYSE: FRE), or Freddie Mac. Poole said data provided show that the fair value of Fannie Mae's assets fell 66% to $12.2B in Q2, while Freddie Mac owed $5.2B more than its assets were worth during the quarter.

Wynn Resorts (NASDAQ: WYNN) closed at $107.75 Monday.

WYNN is scheduled to report Q1 EPS after the close on May 1.

Deutsche Bank says: "At current levels, we believe WYNN shares do not reflect its entire pipeline (expansion at Wynn Macau, a Cotai resort and the development of the Las Vegas golf course) or potential to participate in new gaming jurisdictions."

WYNN April option implied volatility of 60 is above its 26-week average of 54 according to Track Data, suggesting larger price movement.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

After hitting a one-year low of $85.53 in June, the stock hit a one-year high of $176.14 in October. WYNN opened this morning at $95.81. So far today the stock has hit a low of $95.60 and a high of $106.96. As of 12:15, WYNN is trading at $101.55, up $6.01 (6.3%). The chart for WYNN looks neutral and deteriorating, while S&P gives the stock a bearish 2 Stars (out of 5) Sell rating.

For a bullish hedged play on this stock, I would consider a June bull-put credit spread below the $75 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 9.9% return in just two months as long as WYNN is above $75 at June expiration. Wynn would have to fall by more than 26% before we would start to lose money. Learn more about this type of trade here.

You think financial stocks are having a tough time? Check out what happened to Shuffle Master (NASDAQ: SHFL) yesterday. Its stock closed down over 26%. Talk about a bad gamble!

The company, which makes card shufflers and other products for the casino industry, has been doing horribly for a while now, even with its 30 cent bounce today. It was once a mighty growth stock, but it is currently relegated to, as of this writing, approximately-$5-per-share-status. The latest calamitous catalyst was an earnings report released on Monday which missed the expectations of Wall Street brass. Net sales for Shuffle Master's first quarter increased by 1% -- not exactly stellar top-line appreciation. Net income from continuing operations came in at a loss of $0.05 per diluted share; in the previous year's quarter, Shuffle Master saw a profit of $0.05 per diluted share from continuing operations. Apparently, analysts were looking for $0.08 per share in positive profit. They didn't get that, and then some. I'll say this, though -- cash from operations did more than double. There is at least some positive in that, I suppose.

If a picture is worth many words, if it does indeed tell a story, then a look at Shuffle Master's chart shows a tale that could only have been written by Stephen King -- a blood-soaked, gory, tortured-scream-inducing piece of prose that makes the reader want to vomit and pray for early death. Again, this isn't a financial stock, but it sure does seem like one. Several years ago, I made some money on Shuffle Master. But the days of making money from it are done for now. I do believe in the long-term power of the gambling industry, but I have no choice but to be bearish on Shuffle Master. It may recover over time, it could find its footing yet again, but I just don't perceive a value just yet. Plus, if you're looking for ideas in this sector, you can check out other companies such as International Game Technology (NASDAQ: IGT) and Wynn Resorts (NASDAQ: WYNN).

Disclosure: I don't own any of the companies mentioned here in any of my portfolios.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently down $10.62 to $133.97.

• Morgan Stanley said that preliminary Macau gaming revenues are up 55% YoY versus its estimate for 70% and below the Street's estimates.
  
• LVS October option implied volatility of 57 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Wynn Resorts (NASDAQ: WYNN) operates Wynn Macau & Wynn Las Vegas.

• WYNN is recently down $13.23 to $152.72.
  
• UBS Warburg downgraded WYNN to Sell from Neutral.
  
• WYNN overall option implied volatility of 54 is above its 26-week average of 43 according to Track Data, suggesting larger price fluctuations.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Launched on July 30th, Claymore/Robb Report Global Luxury (NYSE: ROB) is an exchange-traded fund that, according to Paul Trach, targets the upper crust of the consumer discretionary sector.

The editor of The ETF Authority notes that the fund is designed to track the performance of the world's premium luxury companies, with a portfolio that looks like a who's who of luxury brands.

The specialty index tracked by the fund, he notes, was constructed by Robb Media, which manages a number of publications aimed at the ultra-affluent. Tracy says, "Robb has its finger on the pulse of the world's wealthiest individuals."

He explains, "The portfolio contains about 40 holdings that read like a who's who of upscale brand names: Coach (NYSE: COH), Polo Ralph Lauren (NYSE: PL), Saks (NYSE: SKS), Sotheby's (NYSE: BID), Tiffany (NYSE: TIF), and Wynn Resorts (NYSE: WYNN), among others.

And with stakes in countries like France, Switzerland, Italy, and Germany and holdings in such companies as Hermes, Porsche, and Harry Winston, he notes, "ROB offers global exposure to some of the world's most iconic companies."

• 3,000 rooms
• 1.2 million square feet of convention space
• 550,000 square ft of gaming space, with 3,400 slots, 870 gaming tables
• 15,000 seat theater soon to feature the Cirque du Soleil.
• 10,000-person staff.

• CIBC recommends that investors continue to own casino operators heading into 2007 based on their view that while many stocks are fully valued, drivers could persist into the first-half of 2007;
• the firm downgraded MGM Mirage (NYSE:MGM), Station Casinos Inc. (NYSE:STN) & Ameristar Casinos Inc (NASDAQ:ASCA) to Sector Performer from Sector Outperformer based on valuation and Wynn Resorts Ltd. (NASDAQ:WYNN) to Sector Underperformer from Sector Performer based on valuation and increased competition.
• JP Morgan downgraded shares of Qualcomm Inc. (NASDAQ:QCOM) to Underweight from Neutral, citing increased legal expenses that could impact margins.

• Keefe Bruyette downgraded shares of Washington Mutual Inc. (NYSE:WM) to Market Perform from Outperform, citing limited margin expansion due to the inverted yield curve.
• BB&T downgraded Bassett Furniture Industries Inc. (NASDAQ:BSET) to Hold from Buy, citing weak consumer demand for the move.
• Deutsche Bank downgraded CNOOC Ltd. (NYSE:CEO) to Hold from Buy.

Steve Wynn's accidental ripping of Picasso's Le Reve ("The Dream") is the year's most expensive errant elbow. Fellow collector and hedge fund billionaire Steve Cohen has a bit more space for Damien Hirst's refreshed shark since the deal to sell him the Picasso for $139 million abruptly ended as Wynn stuck his elbow into the painting.

Wynn suffers from an eye disease called retinitis pigmentosa, which impairs his peripheral vision, and this may have contributed to the unfortunate poke as he showed off the painting to a group of friends in September.

Wynn paid $48.4 million for the painting in 1997, so a two-inch tear is a $90.6 million loss. Nora Ephron quotes Wynn saying "This has nothing to do with money. The money means nothing to me," moments after putting his elbow through the famous painting. I guess you can file that under 'H': for 'How the rich are different.'

But it's probably true. So no tears for Mr. Vegas.

Wynn's been a billionaire since 2004. And it's a good thing since the repair is estimated to cost $85,000. Pocket change! His wife Elaine has been quoted as saying she considers this "a sign" that they should keep the painting, so keep it they will. In addition, Wynn Resorts (NASDAQ:WYNN) recently announced a $6 per share dividend. The extra $8 million or so should help ease the pain of not selling the most expensive painting ever.

Steve Wynn has at least acquired some great nicknames: "Cubist Killer "(NY Post) and "billionaire goofball "(BoingBoing.net). This is also a cautionary note to those of us who tend to talk with our hands -- it could end up costing you.