Mix Active Stocks Alert: Corning Incorporated (NYSE:GLW), MGM Resorts International (NYSE:MGM), WPX Energy (NYSE:WPX)

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On Wednesday, Corning Incorporated (NYSE:GLW)s shares inclined 3.01% to $18.81.

Corning Incorporated (GLW) has 80.20% institutional ownership while its EPS ratio was 1.48. The company has 1.18 million shares outstanding while market capitalization of the company was $22.39 billion. Price to book ratio was 1.26. Net profit margin of the company was 29.40% while gross profit margin was 41.80%. Stock volatility for the month was booked as 4.35% while for the week was recorded as 2.72%.

Corning Incorporated, declared that it has reached an accelerated share repurchase agreement (ASR) with Morgan Stanley & Co. LLC to repurchase $1.25 billion of the company`s common stock. The ASR is executed following the $2 billion share repurchase program authorized by Corning`s Board of Directors on July 15, 2015, which was supplemented by an additional $4 billion share repurchase program authorized on October 26, 2015.

Under the terms of the ASR, Corning has agreed to repurchase in total $1.25 billion of its common stock from Morgan Stanley & Co. LLC, with an initial delivery of about 53.1 million shares based on current market prices. The final number of shares to be repurchased will be based on Corning`s volume-weighted average stock price during the term of the transaction. The program is predictable to be accomplished in the first quarter of 2016. The company anticipates to finance the ASR with cash on hand.

Year to date through October 29, 2015, Corning has repurchased nearly 151.5 million shares, counting the initial delivery of shares under this ASR.

Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics, mobile emissions control, optical communications and life sciences.

MGM Resorts International (NYSE:MGM)s shares gained 3.92% to $21.76.

MGM Resorts International (MGM) has the market capitalization of $11.79 billion. The stock has P/B ratio of 2.06 while EPS was $-0.24. Institutional ownership of the company was 70.30% while 563.10 million shares were outstanding. Net profit margin of the Company was -1.00% while its gross profit margin was 37.30%. Share of the company moved above its SMA 50 with 6.10%. ROE ratio was -2.00% while ROI was 5.70%.

MGM Resorts International, declared that it will create a controlled real estate investment trust (REIT), to be named MGM Growth Properties LLC (collectively with its auxiliaries, MGP). MGM Resorts will contribute the real estate associated with ten of its premier properties (the Properties) and MGP will assume about $4 billion of debt, which is predictable to be refinanced with the proceeds of debt and equity issuances. MGM Resorts also declared that it confidentially presented a draft registration statement on Form S-11 to the SEC regardingMGPs projected initial public offering. MGM Resorts anticipates to complete the transaction in the first quarter of 2016, subject to market conditions and required regulatory approvals.

Key aspects of the transaction for MGM Resorts comprise:

  • Highlighting the noteworthy long-term value of its real estate by creating a large, publicly traded triple-net lease REIT;
  • Reducing leverage, strengthening its financial profile and enhancing its ability to execute its growth strategy;
  • Maintaining a substantial majority economic interest in MGP, which is predictable to have stable cash flows and regular distributions;
  • Leasing the properties from MGP under a long-term, triple-net master lease;
  • Ongoing to operate the Properties without impact to MGM Resorts guests, employees, and business partners;
  • Maintaining flexibility to offer additional properties to MGP in the future; and
  • Minimizing transaction costs and allowing rapid execution.

MGM Resorts International is a holding company. Through its wholly owned subsidiaries, the Company owns and operates casino resorts. The Company operates in two segments: wholly owned domestic resorts and MGM China.

At the end of Wednesday’s trade, WPX Energy Inc (NYSE:WPX)s shares surged 1.08% to $6.56.

WPX Energy Inc (WPX) has market capitalization of $1.79 billion. Its current ratio was 1.50 while its shares were below its 50 days simple moving average with -12.28%. The company offered earning per share of $1.22 while its 235.18 million shares were outstanding. YTD performance of the company was -42.71%. Stock volatility for the week was 7.62% while for the month it was shown at 7.84%.

WPX Energy, Inc. is an independent natural gas and oil exploration and production company. The Company is engaged in the exploitation and development of unconventional properties.

About Travis Garlick 1791 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.