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MGM Resorts (MGM) Surges: Stock Moves 5.1% Higher

Zacks

MGM Resorts International MGM was a big mover last session, as the company saw its shares rise more than 5% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. The stock picked up sharply from the near-flat trend of $29.69 to $31.71 in the past one month time frame.

The move came after the company reported its third-quarter 2017 results. The company’s revenues trumped estimates, and its bookings have largely rebounded to normal levels after the Las Vegas shooting hurt short-term bookings meaningfully.

The company has seen four negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

MGM Resorts currently has a Zacks Rank #4 (Sell) while its Earnings ESP is negative.


Investors interested in the Gaming industry may consider Churchill Downs, Incorporated CHDN, which has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Is MGM going up? Or down? Predict to see what others think:Up or Down

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