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Thanks for the post - I like it. This stock feels like when I used to start riding a bike in tenth gear - very slow at first but when it get's moving...full steam ahead. I think give this a week or two and it will start solid movement upwards - movement with little retracement - IMO.
Ma ma mia pa pa pia - hope we are in the big green soon!
Aug. 26 (Bloomberg) -- Purchases of new homes in the U.S. jumped more than forecast and demand for long-lasting goods such as autos and computers climbed, reinforcing signs the economy is rebounding from the worst recession since the 1930s.
Home sales increased 9.6 percent in July, the most in four years, to a 433,000 annual pace, figures from the Commerce Department showed today in Washington. Another report from the department indicated bookings for durable goods climbed 4.9 percent, also exceeding forecasts and the most since July 2007.
Government efforts to thaw credit markets and revive demand are stemming the biggest housing slump since the Great Depression. Economists at Morgan Stanley were among those lifting growth estimates for this quarter after the report on orders signaled business investment was also picking up.
“We might be seeing a broadening-out of the economic recovery,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “That makes growth more sustainable. The stimulus is providing a floor.”
Stocks fluctuated between gains and losses as concern that China may seek to rein in growth and excess capacity counteracted the better U.S. economic news. The Standard & Poor’s 500 Index closed little changed from yesterday at 1,028.12 in New York. The yield on the 10-year Treasury note was unchanged from yesterday at 3.44 percent as of 4:24 p.m.
Economists forecast new home sales would rise to a 390,000 rate, according to the median of 71 projections in a Bloomberg News survey. July’s sales pace was the highest in 10 months and exceeded all estimates, which ranged from 365,000 to 420,000.
Lower Prices
The median price of a new home decreased 12 percent to $210,100 from $237,300 in July 2008. Sales of new homes were down 13 percent from a year earlier.
The jump in sales was led by a 32 percent surge in the Northeast. Purchases increased 16 percent in the South and 1 percent in the West. They dropped 7.6 percent in the Midwest.
Builders had 271,000 houses on the market last month, down 35 percent from July 2008 and the fewest since March 1993. It would take 7.5 months to sell all homes at the current sales pace, the shortest time since April 2007.
Home sales are responding to policy efforts such as an $8,000 tax credit for first-time buyers, the Fed keeping its benchmark interest rate near zero and central bank purchases of mortgage-backed securities to free up funding for housing.
“We’re likely not to experience a lot of downside from here,” Pulte Homes Inc. Chief Executive Officer Richard Dugas said last week. It could remain a “tough environment for a while,” he added.
Homebuilders
Pulte this month completed its purchase of Centex Corp., the first large combination of publicly traded homebuilders since the housing recession began.
Some economists warned that the magnitude of the gains in housing are not likely to be maintained after the first-time buyer credit expires at the end of November.
“I think we will see a drop-off in sales, the question is how large the drop will be,” Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts, said in an interview on Bloomberg Television. “I don’t think anyone has a good handle on it.”
The jump in orders for durable goods was led by a surge in demand for commercial aircraft, which is often volatile. A gauge of shipments for non-military capital equipment that excludes planes climbed for a second consecutive month.
Forecasts Up
The gain, combined with smaller declines in inventories prompted economists at Morgan Stanley in New York to raise their forecast for third-quarter growth to 4.3 percent from 3.9 percent.
Jumpped into this one - looks like lots of upside potential coming this fall.
Very good. IMO MGM is slowly, but surely climbing upwards and it could drastically pop as it has before on some type of news. I heard on Bloomberg this weekend an expert stating that MGM has not much of a presence in Macau; however, according to wikipedia: "The MGM Grand Macau is a 35-story, 600-room casino resort in Macau which officially opened on 18 December 2007. Under a sub concession approved by the Macau government, the project is owned and operated as a 50-50 joint venture between MGM MIRAGE and Pansy Ho Chiu-king, daughter of Macau casino magnate Stanley Ho. The sub-concession is one of several examples of new construction following the end of the government-granted monopoly held for decades by Stanley Ho."
I like MGM, BYD and LVS; I want to jump back into WYNN at a good point. WYNN/Encore were pretty packed this past Saturday evening and I am sure MGM and the other casinos were as well. It is just a matter of time to when the good earning reports come out. In my very unoffical dd surveys, I believe these will be power house stocks once again - I really would take $50 for MGM - really I would - no complaining.
Still waiting for news...
That's what I thought and what it shows for me. Strange that it read differently on Etrade.
I hope it dips and I will buy back in - I had a nice 50% increase before I sold today.
Just jumpped into this one. Since I cut a check to HIG for my insurance, they must not be that bad. I like the chart with tons of upside potential IMO.
Thanks for the tip - this looks like a good stock for the long haul. Everyone loves pizza, but Pizza similar to Rome - you simply can't top it - IMO. Dollar in three months would be just fine with me.
He implied, IMO, that the shares will be worthless someday. Got my head spinnin anyway...
It's rare to see someone post actual DD on IHUB and this is why I keep an eye out on this chat room - good factual DD helps me invest in a more solid manner.
I just dumpped mine - Cramer spun my head too much about this one...
No problem. I hope who ever is in wins big and perhaps back up to $20pps.
Oh so Cooper is replacing the CEO for MGMYR.UL and NOT MGM Mirage?
Buy on rumur hugh? This could be hugh, but too many questions IMO; e.g., what about those law suits?
Agreed - consolidation for a few days. Did not appreciate the bashing FNM and FRE took from Jim Cramer yesterday, but I do agree there just is NO news on these stocks. I hate top secrete stocks where a select few will profit from - typical of D.C. tactics. I am in fairly big on FRE; though FNM I am up over 50%.
If Cramer's implications are right, we will all be bag holders, but I just don't see it right now. I would rather be richer or poorer than NOT be in this right now.
Nice pop today - what's the news?
Thanks for your post - unfortunately I sold out. This has a lot of upside and may get back in...
OK - $50pps is fine with me. I will hold you to it.
Looks like it is still consolidating... hope so...
15 is good with me!
Well, I am back in big time - this and XIDE took over for some of my MGM stock - I feel good about it now due to the charts being incredible on both. Wish I never sold either one. Wish I could go back in time an put $100k on CAR at .45.
Let's see, that's 222,222 shares x 11.57 = $2.57 mil. There is a ton of head room on both of these stocks IMO.
Well, I am back in big time - this and XIDE took over for some of my MGM stock - I feel good about it now due to the charts being incredible on both. Wish I never sold either one. Wish I could go back in time an put $100k on CAR at .45.
Let's see, that's 222,222 shares x 11.57 = $2.57 mil. There is a ton of head room on both of these stocks IMO.
Yes - I am up a penny! And I mean a penny! After all that excitement - perhaps next week will be more green.
I bought a ton - JUST had to do it...some good news on the stock as well. Gotta have batteries. Wish I never sold earlier - owell....at least I am back in it.
Good day...
I have spoken with Mr. Cooper and believe he will kick ass to put MGM back to a powerhouse with stock prices increasing to new 5 year highs.
Chart looking good and time to load up.
This is a mystery stock to me. Never know what present is next. Currently still down for me. Would like a jump but this moves for unknown reasons. Wish it would jump like AIG.
I believe that soon this will shoot back up to the 5 year highs.
I may seriouly put some big money in this upon a pullback and ride it back to 30. The March to present chart is the best I have seen of my favorites. XIDE is probably second best.
I wish I did not sell now - up 13% today....
Well - now it is over $6 and am not in it - owell...
Yep, you have to know someone in Washington. Good ol' boys club.
FRE up 17% and I am only down 12%.
It's a mystery why this stock spikes today with no news. Those that can figure out how to buy and sell this stock will make Warren Buffet look like a pauper some day - similar to roulette - if people can figure out this stock - I would love to watch them play roulette at the WYNN. By the way, I need some lucky lotto numbers from these magicians.
Very good news...IMO
Nice DD. Perhaps I'll get in.
If stabiliztion is complete then ching ching!