Placing big bets on Kerkorian |
| Los Angeles Times - May 23, 2007 |
Wall Street thinks so. Investors went "all in" on shares of MGM Mirage on Tuesday, the day after Kerkorian's Tracinda Corp. disclosed that he wanted to buy two of the hotel and gaming company's prime Las Vegas assets.
MGM Mirage's stock zoomed more than 27% despite few specifics from the billionaire investor concerning his plans. Other gaming stocks rallied as investors bet that Kerkorian was on to something.
"Kirk's move is a public testament that he believes MGM's stock is undervalued, and it's valued similarly to the other casino stocks," analyst Robert LaFleur of Susquehanna Financial Group said. "So if he thinks MGM is undervalued, then everybody else must be undervalued too."
Read Full Article from Los Angeles Times
- Posted: 2007-05-23 10:22:32
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