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Gambling and hotel shares trade mixed
Associated Press 10.21.08, 2:33 PM ET
NEW YORK - Shares of some casino operators gained on Tuesday afternoon, after Kirk Kerkorian's investment firm said it plans to refocus its resources on the gambling and hotel industries, as well as on oil and gas companies.
Kerkorian's Tracinda Corp. revealed its new strategy early Tuesday, upon reporting that it sold 7.3 million Ford Motor Co. and plans to further reduce its stake.
Tracinda said that in light of current economic conditions it now sees "unique value" in the gambling, hotel and oil and gas industries. The investment firm already holds a majority stake in casino and hotel operator MGM Mirage Inc.
In afternoon trading, MGM shares jumped 88 cents, or 6.4 percent, to $14.71. The stock has traded between $12 and $95.66 during the past 52 weeks.
Las Vegas Sands Corp. shares gained 69 cents, or 5.6 percent, to $12.95. The stock has traded between $10.66 and $148.76 during the past year.
Shares of hotel companies, however, fell with the broader market. Following huge gains on Monday, Wall Street declined as investors took some profits and weighed the session's quarterly earnings results.
Marriott International Inc.'s shares fell 70 cents, or 3.6 percent, to $18.54. During the past 52 weeks, the stock has traded between $15.69 and $41.24.
Shares of Starwood Hotels & Resorts Worldwide Inc. fell 45 cents, or 2.2 percent, to $20.62. The stock has traded between $17.63 and $60.26 during the past year. Starwood reports earnings on Thursday. |
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发表于 2008-10-23 09:25
