MGM Mirage (MGM) NewsBite - MGM Earnings Preview

Posted: Friday, October 30, 2009 9:49 AM EDT

MGM Mirage (NYSE: MGM) opened at $10.01. So far today, the stock has hit a low of $9.81 and a high of $10.54. MGM is now trading at $10.42, up $0.67 (6.87%). Over the last 52 weeks the stock has ranged from a low of $1.81 to a high of $17.30. Shares of MGM are rising today ahead of the company's third-quarter earnings report on Thursday. Analysts are expecting the stock to report a loss of 7 cents per share on revenue of $1.48 billion. MGM has underperformed analysts' estimates in each of its past four earnings reports. Competitors Las Vegas Sands (LVS) and Wynn Resorts (WYNN) both reported recently and topped analysts' estimates. Technical indicators for the stock are neutral and S&P gives MGM a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on MGM the stock seems like it could be a candidate for a March out-of-the-money bull-put credit spread below the 6 range. [ABR-Seven Summits Strategic Investments NewsBite]

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