MGM Q2 Beats Big, Shares Surge and 2 Other Hot Stocks to Watch
MGM Resorts International (NYSE:MGM): Current price $17.12
MGM on Tuesday posted its financial results for the second quarter. Year-over-year comparisons were affected by certain items discussed by Chairman and CEO Jim Murren, who said in a press release: “We continue to see broad-based Las Vegas improvement as our Strip EBITDA increased 15 percent, driven by a 7- percent increase in casino revenues and a 5-percent increase in hotel revenues. A strong performance at MGM China led to another quarter of record results, driven by higher volumes in both mass market and VIP.”
American Eagle Outfitters Inc. (NYSE:AEO): Current price $16.86
American Eagle on Tuesday said it is revising its second-quarter earnings outlook to about 10 cents, versus 21 cents in 2012 for the same period. The revised outlook is because of weaker-than-expected sales and margin figures. Total net revenue fell by roughly 2 percent in the 2013 quarter while consolidated comparable sales, including AEO direct, slid by 7 percent versus a rise of 8 percent year-over-year. Management will give a business update and earnings outlook with the second-quarter earnings release on August 21.
GT Advanced Technologies Inc. (NASDAQ:GTAT): Current price $5.83
GT reported results for the second quarter of fiscal year 2013, which ended on June 29. Revenue for the second quarter stood at $168.3 million, including $150.7 million in polysilicon, $11.4 million in photovoltaic, and $6.2 million in sapphire. The revenue figure can be compared to $57.8 million in the first quarter and $167.3 million year over year. Revenue for the first six months of 2013 came to $226.1 million versus $521.1 million for the same period in 2012. Gross profit for the second quarter 2013 was $58.6 million, or 34.8 percent of revenue, which was above GT’s guidance.