Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of MGM Resorts
So what: The most obvious catalyst for the news was a positive earnings report yesterday from Macau next-door-neighbor Melco Crown
Now what: But here's the thing: If you're using Melco's report as an excuse to expect good things out of MGM, well, those "good things" already happened. MGM reported earnings before Melco did, on August 8 in fact. And yes, MGM exceeded expectations then -- but by now, that's already old news.
Meanwhile, the only really "new" news at MGM is the less-than-propitious revelation that eight guests of the firm's Aria Resort & Casino in Las Vegas are suing MGM, alleging they contracted Legionnaires' disease at the resort over a period from June to July of this year. Bidding the shares up 11% on that news doesn't make a lot of sense to me. Then again, lately, not a lot about the stock market has made sense.
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