Stocks to Watch

MGM Resorts International (NYSE: MGM) shares are soaring in today’s trading after company shares were upgraded by analysts at Bank of America Merrill Lynch.

Earlier today, Bank of America Merrill Lynch analysts upgraded shares of MGM from Neutral to a Buy rating. Bank of America analysts also raised their price target on MGM stock from $17 to $21.

Following the rating upgrade, MGM Resorts shares reached a high of $15.91 in mid-day trading, and at last check, it was up, 5.02% to $15.69, with volume up from daily average of 24.93 million to 32.20 million.

MGM Resorts shares have a 52-week range of $8.92-$16.94. The stock is currently trading above its 50-day and 200-day moving averages. In the last one year, MGM Resorts shares gained 46.23%.

MGM Resorts will announce its fourth-quarter financial results on February 14, 2011. R

Full post…

After two years of legal battles and false accusations, MGM Resorts International (MGM: 10.09 +0.20%) has won the right to evict nightclub owner Rumjungle from the Mandalay Bay Resort and Casino.

The owners behind the nightclub have been forced out, following a judge’s ruling that Rumjungle did not show ample reasons why rent payments were withheld from MGM and that the opening of the Evecandy Lounge did not violate the lease contract and should not have caused financial issues for the club.

Earlier this year, Rumjungle filed for bankruptcy protection in an attempt to delay its eviction, however MGM was able to have the case dismissed proving that their claims were invalid.

The eviction is costing MGM $100,000 in bond, which the judge ordered the gaming giant to put up as security. R

Full post…