Since earnings announcement it has been -16%, -5, -2, -4, even, -3 and then another -3 today. That is over -35% respectively since earnings were announced --- and mind you -- the earnings missed by only .01, and the guidance was only lowered by about 10%. Not only is this overreaction -- this is just lemmings mentality. I will continue to average down and pray for good earnings next quarter. If they do have a good next quarter - expect to see the price double to what it is today. Just my 2 cents.
Really?? Sounds more like a hallucination than a prediction. Now if you said 22 or 23, we might believe you. But this is just too outlandish. I think when earnings come out we may get a pop to 22. Just my thoughts.
Sorry Buckeye -- I have to disagree. In the scheme of things the sale of the Reno properties in insignificant. 72 million as opposed to Billions is less than 1/10 of 1%. I can't image that this would cause MGM to be more dependent on China.
Instead I see the 8% as totally run by speculative traders who are trading in options. Watch to see if this goes back more than 4-5% today. All the wild swings are day-traders going in and out trying to make a quick buck --which they can do.
For me - I want to wait and see what the Aug earning report brings. With the fight revenue, increase Strip revenue and look to see a nice earnings release in Aug which should help support the fact that this is really a $22-24 stock.
So I tell people that there is a possibility of a merger; get many to believe it could happen; watch the stock rise about 4% -- and then I sell everything I have to make some quick profits. Stock down 5% today -- someone with a lot of share may have just duped a lot of people.