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I think you will see a short term bounce back to $40 in January. This is a great long term stock to own. The MGM and NYNY are doing great. The NYNY is doing the best of any casino in Las Vegas.
They will be either selling more shares in the short term to pay for the Detroit Casino or taking on more debt. I would think since the stock is below $39.50, (the last issue price of outstanding stock) they would want to push the stock price back around $40.
This stock also has a ton of new Strong Buy recommendations on it. I plan on getting back in very soon. I think at the current levels the downside risk is less then the upside potential.
MGM Grand Hotel and Casino Symbol MGG | Stock Discussion ForumsShare