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What is happening to MGM stocks?.?
Since last Friday, MGM stock has been jumping up. It is up 60%, is there any good fundamentals or is this overly optimistic investors?.
Thanks, that was my analysis too. The jumps are nothing more than sentiment & a drive to raise the price for next week's let down & then prices will drop dramatically. I don't see how the casino business can be profitable with the current financial situation.
1 Answer
- 1 decade agoFavorite Answer
MGM has gone up primarly because they got a lifeline to revive their citycenter project in Las Vegas. There is a report that a company (colony investments)wants to invest in the project this relives MGM from defaulting from the project.
Also MGM is said to be selling some of its casinos.
MGM is currently $5.55 up more than 300% comapared to what it was a month ago. The stock is up mainly due to investors optimistic perception.
Earnings were reported March 17. And the earnings were lower than previous quarters but looses were not dramatic.
If you are considering buying into it maybe wait to see how financials due next week. The price of MGM might come back down if the economy contracts even more.
Source(s): day trader. finance student.
