MGM Resorts International ($MGM) Stock Forecast: Down 5.0% Today

What is MGM Resorts International?

MGM Resorts International (NYSE: MGM) operates globally in the entertainment sector, particularly in resorts, casinos, and entertainment venues. The stock faced a notable decline in value today.

Why is MGM Resorts International going down?

MGM stock is down 5.0% on Dec 19, 2024 15:04

• The drop in MGM's stock price may be linked to overall market sentiment or specific challenges within the entertainment and hospitality sector.
• News of Uber's collaboration with WeRide Inc. in Abu Dhabi might have shifted investor focus away from conventional entertainment and casino stocks, prompting a market sell-off.
• There could be a shift in investor allocation towards technology and innovative firms such as Uber, leading to a repositioning of capital from traditional brick-and-mortar businesses like MGM.
• The partnership announcement between Uber and WeRide Inc. has the potential to disrupt the transport industry, possibly overshadowing established entertainment companies like MGM in today's trading.

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Uber, Cisco, KKR And More On CNBC's 'Final Trades' - Cisco Systems ( NASDAQ:CSCO ) , Dominion Energy ( NYSE:D )

On CNBC's "Halftime Report Final Trades," Joshua Brown of Ritholtz Wealth Management picked Uber Technologies, Inc. UBER as his final trade. On Dec. 6, Uber and Chinese Robotaxi company WeRide Inc. WRD announced the launch of their ride-hailing partnership in Abu Dhabi.

https://www.benzinga.com/24/12/42483427/uber-cisco-kkr-and-more-on-cnbcs-final-trades

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MGM Resorts International Price History

13.08.2024 - MGM Stock was up 5.1%

• MGM Resorts stock demonstrated a significant upward movement.
• Speculation surrounding MGM Resorts could have piqued investor interest and confidence in the company's prospects.
• The emphasis on sports betting companies in recent discussions may have indirectly benefited MGM Resorts, as the industry's positive outlook and growth potential likely influenced investor sentiment.
• The commencement of the NFL season, with an expected surge in sports betting, might have additionally fueled optimism for companies like MGM Resorts operating in the sports betting and entertainment sector.

31.09.2024 - MGM Stock was down 9.1%

• Quarterly earnings for Q3 were below expectations, although revenues showed a yearly increase they did not meet forecasted figures.
• The stock's negative movements could be attributed to the surprises in earnings (-6.90%) and revenues (0.89%) falling short of estimates.
• Despite being boosted by strong leisure demand and beneficial partnerships, the stock faced a decline due to the unmet estimates and future outlook concerns.
• Investors seemed disappointed with MGM's Q3 results, despite positive growth in certain areas and strategic actions taken by the company.

08.09.2024 - MGM Stock was down 6.1%

• The slight increase in the stock price today might not have been enough to offset previous gains, leading to a bearish trend.
• The upcoming earnings report expectations of beating estimates could have raised concerns among investors, causing some to sell off their positions.
• The overall market sentiment and broader economic factors might have influenced the bearish movement of MGM stock today.

19.11.2024 - MGM Stock was down 5.0%

• The drop in MGM's stock price may be linked to overall market sentiment or specific challenges within the entertainment and hospitality sector.
• News of Uber's collaboration with WeRide Inc. in Abu Dhabi might have shifted investor focus away from conventional entertainment and casino stocks, prompting a market sell-off.
• There could be a shift in investor allocation towards technology and innovative firms such as Uber, leading to a repositioning of capital from traditional brick-and-mortar businesses like MGM.
• The partnership announcement between Uber and WeRide Inc. has the potential to disrupt the transport industry, possibly overshadowing established entertainment companies like MGM in today's trading.

14.01.2024 - MGM Stock was down 6.4%

• A prominent investor, known for his successful trades in the past, made some changes to his positions in semiconductor stocks, which may have influenced investor sentiment towards MGM and contributed to the bearish movement.
• Despite surpassing expectations for fourth-quarter earnings and benefiting from the Super Bowl, MGM's stock continued to decline, possibly indicating disappointment among investors regarding the overall performance of the company.
• The underperformance of regional casinos also had an impact on MGM's stock, overshadowing the positive numbers generated during the Super Bowl weekend.
• Overall, the combination of the investor's bearish bet on semiconductors, the post-game disappointment, and the weakness in regional casinos likely played a role in the bearish movement observed in MGM's stock.

13.03.2024 - MGM Stock was down 5.1%

• MGM had a bearish movement today, possibly influenced by the company seeking to block the FTC's request for cyberattack data. This move could have raised concerns among investors about potential legal implications and cybersecurity risks.
• The completion of a $750 million senior notes offering by MGM might have also contributed to the bearish sentiment, as it indicates increased debt levels and potential financial obligations for the company in the future.
• The overall market sentiment towards undervalued stocks could have diverted investor attention away from MGM, leading to a lack of buying interest and contributing to the bearish movement in the stock price today.

14.01.2024 - MGM Stock was down 5.8%

• The bearish movement in MGM's stock today can be attributed to the following factors:
• 1. Disappointing website traffic: Previous indicators pointed towards a positive performance for MGM Resorts in Q4. However, the actual results may have fallen short of expectations, leading to a negative market sentiment.
• 2. Mixed earnings report: MGM Resorts reported record high earnings and an optimistic outlook in their latest call. Despite an increase in revenues at MGM China, the overall financial performance was not fully disclosed. Investors might have anticipated stronger results, contributing to the bearish movement.
• 3. Overall market conditions: It's vital to consider broader market conditions when analyzing stock movement. If there was a general negative sentiment or adverse news within the hospitality and entertainment industry, it could have impacted the decline in MGM's stock price.
• 4. Other factors: It's interesting to note the significant movements of other stocks like Uber, Airbnb, and Robinhood. While these stocks may not have a direct influence on MGM Resorts, overall market trends and investor sentiment towards these companies could have indirectly affected the bearish movement in MGM's stock.

11.06.2024 - MGM Stock was up 5.2%

• The under-the-radar stocks with massive growth potential may have sparked interest in MGM, leading to increased buying activity.
• The comparison between MGM and CHDN may have highlighted MGM as the better value stock option, attracting more investors to the company.
• The focus on sin stocks, which tend to be recession-resistant and profitable, could have positively influenced MGM's stock performance as it falls under the category of sin stocks.
• In conclusion, the combination of potential growth opportunities, perceived value, and the recession-resistant nature of sin stocks may have contributed to the bullish movement in MGM's stock price today.

06.07.2024 - MGM Stock was up 5.7%

• MGM stock experienced a strong bullish movement today.
• The positive Q2 earnings and revenue surpassing estimates contributed to the bullish trend.
• The successful performance of MGM China in the best-ever June quarter, with increased tourism and higher winning odds in Macau, also boosted investor confidence.
• Despite concerns raised about bookings for a Formula 1 car race in Las Vegas, the overall positive financial results and expansion into new markets like Michigan with BetMGM's offerings helped drive the stock price up.

01.07.2024 - MGM Stock was down 5.3%

• Despite MGM Resorts posting strong Q2 earnings and revenues that surpassed estimates, the stock saw a bearish movement, indicating a disconnect between performance and market reaction.
• MGM China's best-ever June quarter and positive financial updates were not enough to offset broader market sentiment or potential profit-taking by investors.
• The market may have reacted negatively to details in the Q2 earnings call transcript or other undisclosed factors that overshadowed the positive news about revenue growth and strategic partnerships.
• Investors might be concerned about future challenges or uncertainties facing the company, leading to a sell-off despite the positive financial performance in the recent quarter.

01.07.2024 - MGM Stock was down 5.1%

• MGM China reported its best-ever June quarter, indicating a strong performance in the region. However, despite the positive news, the stock saw a bearish movement.
• The strong second-quarter results and revenue beat posted by MGM Resorts International were overshadowed by other market factors, leading to the bearish movement.
• The release of unaudited financials and updates on the parent company's Q2 report did not seem to have a positive impact on the stock price, contributing to the bearish market movement.
• The overall market sentiment or external factors not directly related to MGM's performance might have influenced the bearish movement despite the positive news coming from MGM China and the parent company.

07.07.2024 - MGM Stock was up 6.2%

• Director Paul Salem's significant acquisition of shares in MGM Resorts International may have boosted investor confidence in the company's future prospects.
• The launch of MGM Bonus City in Michigan in partnership with Inspired Entertainment could have generated excitement and positive sentiment around the company's expansion in the online gaming market.
• Despite concerns raised about bookings for a Formula 1 car race in Las Vegas impacting the stock negatively, MGM Resorts International managed to surpass earnings and revenue estimates for the second quarter, driven by strong performances in MGM China, Las Vegas, and strategic partnerships, which likely contributed to the bullish movement in the stock today.