- NYSE:MGM skyrockets as investors place their hope in a COVID-19 vaccine for a return to normalcy.
- MGM is banking on its BetMGM app to take advantage of the booming sports betting industry.
- MGM should reap the benefits of global travel restrictions potentially loosening.
NYSE:MGM investors have finally seen the surge they have been waiting for as the stock gained 14.90% on Monday, to close the first trading session of the week at $25.30. Shares of the long-time hotel and casino company are still down nearly 30% on the year but up 328% since the 52-week lows of an incredible $5.90, which came at the height of the current pandemic. The stock is now trading back over its 50-day and 200-day moving averages and bargain investors may have missed their opportunity to grab shares of MGM at a cheaper price tag.
The announcement on Monday by Pfizer (NYSE:PFE) regarding the efficacy of its COVID-19 vaccine candidate final-stage trial results are impressive and sent the global financial markets soaring. The report claims that BNT162b2, the vaccine co-produced by Pfizer and BioNTech (NASDAQ:BNTX), has an efficacy rate north of 90% after a seven-day, two-dose regimen. The two biotech giants have confirmed that the first 50 million doses will be ready for distribution in 2020, while an additional 1.3 billion doses will be available in 2021.
MGM Stock Predictions
The news came as music to the ears of investors as travel and entertainment industries have been some of the hardest-hit throughout the pandemic. MGM has resorts and casinos all over the globe and should welcome a loosening of travel restrictions for people who are waiting to go on vacation. The recently released BetMGM app should also act as a long-term revenue stream, as the Nevada-based company attempts to capitalize on the mobile sports betting industry.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds recovery gains above 0.6000 despite US-Sino trade war
AUD/USD hold the rebound above 0.6000 in the Asian session on Tuesday, helped by a recovery in risk sentiment on China's support measures to stabilize markets. A renewed US Dollar selling also aids the Aussie's upswing but further upside appears elusive amid escalating US-China trade war.
USD/JPY stalls its recovery from multi-month low; reverts to 147.50
USD/JPY is paring gains to return toward 147.50 in Tuesday's Asian session. A recovery in risk sentiment along with receding bets that the BoJ would raise the policy rate at a faster pace underpin the pair. However, resurgent US Dollar supply acts as a headwind to the USD/JPY turnaround.
Gold price sees dip-buying amid trade war escalation, will it last?
Gold price is building on its rebound from one-month lows of $2,957 early Tuesday, replicating the moves seen in Monday’s Asian trading. In doing so, Gold buyers retake the $3,000 threshold, but will they sustain the upswing amid escalating US-China trade tensions?
Ethereum risks a decline to $1,000 amid selling pressure from DeFi liquidations
Ethereum suffered a more than 27% crash within the past 48 hours, briefly dropping to a two-year low of $1,410 before recovering the $1,500 level on Monday. The decline, per Coinglass data, sparked $257.87 million in liquidations across ETH's derivatives market during the period.
Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.