Thursday, September 10, 2009

Kerkorian gets some juice back!!!

Remember when Wall Street tried to drag Kirk Kerkorian into the abyss of hell? When MGM was under $2?

And how about Delta Petroleum, another holding of his?

They crushed that stock, and then DPTR did an offering at $1.50 where Kirk picked up 60 million shares. That was highlighted on this blog, the same day when MGM raised money, where Kirk did 10% of that raise also.

Today natural gas is up 8%, and DPTR is at 3.29, up another 10%, and MGM a name, that I've been behind on, and touting to 22, with a first stepping stone at 12, is up another 7% to $10.77.

Now that post on MGM was only six weeks ago. But in the same post, I said that LVS at 10.25 was heading to 17.

What happened?

Six weeks later LVS hit 17.

You should re-read about MGM's offering. They used the proceeds to pay back debt. Isn't that a positive?

And now MGM has attracted the buying of the HFT's, who are now long and bullish this name.

Which means in six weeks, I'm going to bring up this post again!!!


Anonymous said...

just unloaded FACT...whats your target for DPTR

Palmoni said...

Above 5 ST, and NGAS hedged gas at an average price of $6.40. That's another cheapie leveraged play on gas for speculators.

Palmoni said...

Nice sale!!

Anonymous said...

Thanks for the tip for FACT...i'll look into DPTR for a ST , isn't NGAS at 1.95? or did i misunderstand you taht NGAS will go from 1.95 to 6.4?

Palmoni said...

NGAS is at $1.95--but they already hedged 80% of their production at $6.40.

But really I like the bigger names, and I'd rather buy the options on the ones that the institutions play.

khali said...

MGM is definitely a positive for Dubai!
I hope they didn't sell their MGM a la Temasek "Negative Growth" Singapore with their BOA sale a few months ago.

palmoni said...

haha--"negative growth" is now in the lexicon!!!!