Stock to Sell #5 – MGM Resorts International (MGM)
Casino operator MGM Resorts International (NYSE:MGM) has lost money in each of the past three years.
Although the stock has bounced 75% from its October low, its future potential appears technically limited. The stock’s price is approaching a major hurdle — the convergence of two significant resistance lines between $14 and $15.
There has been high selling by insiders, and Goldman Sachs Equity Research cut their outlook for MGM to “neutral” from “buy.” Sell MGM at market.