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MGM Resorts Shares Climb Higher as Billionaire Kerkorian may Boost his Stake. Market Trades Flat on Good Economic Data

Friday, March 15, 2013 9:38 AM


NEW YORK, March 15, 2013 /PRNewswire/ --

A new SEC filing revealed that Billionaire Kirk Kerkorian, 95 years old, could boost his position in MGM through his investment company Tracinda. His position would move from 18.6% to 25%. Tracinda made the disclosure with the Federal Trade Commission to comply with antitrust regulations, according to a securities filing earlier this week. Shares of MGM have already gained over 6.5% this year. The stock closed up 6.65% at $13.24 on Thursday.

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Orbitz Worldwide, Inc. (NYSE: OWW) - Shares of Orbitz Worldwide hit a new 52-week high on Thursday. In intra-day trading the stock hit as high as $5.99. The Company's Partner Network, a leading provider of private label travel technology, has launched a new partnership with the Finnish airline Finnair to power dynamic package search and booking capabilities on the co's U.S. website. The new agreement enables travelers to leverage Orbitz Worldwide proprietary technology for booking vacation packages that combine flights with hotel rooms. On March 1st and March 5th, an insider in the Company sold a combined 28,106 shares. OWW closed at $5.94 yesterday, up 9.19%.

ARCA biopharma, Inc. (Nasdaq: ABIO) - ARCA biopharma was one of the biggest gainers on the Nasdaq composite on Thursday, climbing as high as $3.92 in intra-day trading. The unusual price soar was also accompanied by heavy trading volume. The stock traded 1,606,726 shares, significantly higher than the stock's average of 83,185 shares. ARCA biopharma, Inc. is a biopharmaceutical company that focuses on developing genetically-targeted therapies for cardiovascular diseases. The stock closed at $3.19 yesterday, up 38.70%.

The Men's Wearhouse, Inc. (NYSE: MW) - MW was one of the most actively traded stocks on the NYSE. The stock rose as high as $35.29 in intra-day trading. The Company reported revenues yesterday, announcing that overall revenue in the quarter, which ended Feb. 2, rose 8.2% to $608.4 million. For the quarter, the Company met expectations on revenues but missed expectations on earnings per share. The Men's Wearhouse posted a 7-cent per-share loss vs. a 5-cent loss a year earlier, two cents below the low end of management's guidance. Shares of MW closed at $34.64, up 19.16% yesterday.

Sigma Designs, Inc. (Nasdaq: SIGM) - Sigma Designs, Inc. shares closed up 17.65% on Thursday, at $5.20. The Company reported financial results and business highlights for its fourth fiscal quarter and fiscal year ended February 2, 2013. Net revenue for fiscal year 2013 was $216.6 million, an increase of $34.0 million from $182.6 million in the previous year. Net revenue for the fourth quarter of fiscal 2013 was $44.2 million, down $19.7 million, from $63.9 million reported in the previous quarter and up $8.6 million, from $35.6 million reported for the same period last year. On March 4th, the Interim CFO bought 10,000 shares. Research firm Needham upgraded the stock from "hold" to "buy".

Quicksilver Resources Inc. (NYSE: KWK) - Shares of KWK experienced an unusual volume and price per share boost on Thursday. The stock closed with gains over 26% yesterday at $2.74. Trading volume was over nine million shares, more than three times higher than the stock's average of 2,780,830 shares. The independent oil and gas company engages in the acquisition, exploration, development, and production of onshore oil and gas in North America. The stock has a 52-week trading range of 1.62 - 5.97.

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(Source: PR Newswire )
(Source: Quotemedia)

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