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Stock Investors Bid Up Shares of MGM Resorts International, Up 1.3%

Published on Fri, 02/08/2013 - 11:28
By Peter Chu

MGM Resorts International (NYSE:MGM) is one of today's biggest movers, up 1.3% to $13.11. The Dow is up 0.5% to 14,012 and the S&P is currently up 0.6% to 1,518.

There is potential upside of 7.1% for shares of MGM Resorts International based on a current price of $13.11 and an average consensus analyst price target of $14.04. The stock should discover initial support at its 50-day moving average (MA) of $11.95 and subsequent support at its 200-day MA of $10.97.

Over the past year, MGM Resorts International has traded in a range of $8.83 to $14.94 and is now at $13.11, 48% above that low. The 200-day and 50-day moving averages have moved 0.14% lower and 2.11% higher over the past week, respectively.

MGM MIRAGE is a hotel and gaming company that owns and operates various properties located in Nevada, Mississippi, and Michigan. The Company also has investments in other properties in Nevada, New Jersey, and the United Kingdom. In addition, MGM MIRAGE is seeking to develop a mixed-use urban development project in Las Vegas, and has an interest in a casino project in Macau S.A.R.

By Peter Chu
pchu@fnno.com

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