I strongly believe this move to be an insider "sell on the news" moment. The pop is little when taking into account MGM's 52-week high that was reached last month. If Kerkorian is the reason for the rally, it is a market maker move tempting sideling money to buy. Yes, they are hoping that you buy and hope for a CZR-like move. But it looks more like a hedge fund profit-taking move, STRICTLY SHORT TERM! If you own this, sell immediately. Otherwise, you wil regret it when this returns back to $12 as early as tomorrow.
But if MGM does pass $15, and does indeed hit $16 today, then I will admit I am wrong. In that case, yes, the short sellers did cover, and there is some relevance to the news. But I doubt it, as Kerkorian was one of the main reasons this stock has been falling for years.
Well, it might tomorrow. I'm surprised it's only up 8% Anyone that knows KK knows this is for real and worst case he doesn't take it private but just put in a bottom on the stock. I would of thought we would of been up a good 15% today.