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December 4, 2009

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Brief: Mirage Resorts stock soaring

Thursday, Feb. 18, 1999 | 11:51 a.m.

On Monday, Mirage is expected to announce earnings for the fourth quarter that will include results from Bellagio, the Las Vegas resort that opened Oct. 15. Other casino operators with Las Vegas properties have already reported earnings higher than anticipated, due in part to increased visitor volume attributed to Bellagio.

Mirage stock was quoted at $18 a share, up $1.9375 or 12.1 percent, in early afternoon trading. Volume was heavy at 2.5 million shares.

Analysts attributed much of the buying to short sellers -- investors who had previously sold borrowed Mirage stock in anticipation of a price decline and are eager to replace that stock before its price rises further. Mirage stock was trading as low as $13.0625 a few weeks ago.

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