The bulls are pushing another set of our fluff targets as the rally continues.
Shares of MGM Resorts International (MGM, $13.36, up $0.95) are getting a nice pop today on news Tracinda may up its stake in the company to 25%. Tracinda already owns nearly 19% of MGM and has filed the paperwork with the Federal Trade Commission.
We have been following MGM for years and it is a current recommendation for both our Daily and Weekly Wrap. We have been saying shares could trade to $20 this year, $15 by the summer and today’s news is putting us on that path.
We have been busy with research today so our commentary is a little short as we have a number of trades in action. The Dow is up double-nickels to 14,510 while the S&P 500 is higher by a six-pack to 1,560. The Nasdaq is up a 10 spot to 3,254.
Subscribers, check the Members Area for the updates and we will be back in the morning with a full report.