S&P Winners: Micron Technology and 2 Stocks Catching a Bid
The S&P 500 (NYSEARCA:SPY) is up 0.88 percent today and stands currently at 1,383. These stocks are leading the upsurge.
Micron Technology Inc. (NASDAQ:MU): Soaring iPad sales causes iSuppli to forecast that the tablet market’s consumption of NAND flash memory will jump from 1.6 billion gigabytes in 2011 to a whopping 16.3 billion gigabytes in 2015. MU shares recently traded at $8.40, up $0.32, or 3.96%. They have traded in a 52-week range of $3.97 to $11.89. Volume today was 21,886,028 shares versus a 3-month average volume of 30,218,000 shares. The company’s trailing earnings are $-0.17 per share.
International Game Technology (NYSE:IGT) and Lottomatica (LTTOY) will introduce game content and game terminals to the Italian VLT gaming market, via their new strategic partnership, which will include a period in which IGT content will be exclusive to the Lottomatica Group. IGT shares recently traded at $16.16, up $0.81, or 5.28%. They have traded in a 52-week range of $13.38 to $19.15. Volume today was 5,690,743 shares versus a 3-month average volume of 4,220,760 shares. The company’s trailing P/E is 18.91, while trailing earnings are $0.86 per share.
Wynn Resorts Ltd. (NASDAQ:WYNN), along with Steve Wynn, the individual members of the Wynn Resorts Board, receives a Counterclaim filed by Universal Entertainment Corporation, and its subsidiary Aruze USA. The suit aims to block Wynn’s redemption of shares owned by Aruze USA, Inc., at a 30 percent discount, and to seek damages, punitive damages and treble damages. Alongside this, the Counterclaim seeks a permanent injunction on the part of Universal Entertainment, with declaratory relief and multiple claims, for damages allegedly caused by the actions of Mr. Wynn and the Wynn Resorts Board, by their attempted redemption of the shares, which act is said to violate express language contained in multiple agreements between Steve Wynn and Aruze USA, and among Steve Wynn, Elaine Wynn, Wynn Resorts and Aruze USA. Specifically, the Counterclaim states that “by means of the purported redemption, Wynn and the other members of the Board seek to profit from their illegal acts in a process that was corrupt and unfair, causing Universal Entertainment and Aruze USA irreparable damages based on an unproven pretext.” Further claims by Universal include violation of Nevada RICO statute, federal securities laws, fraud, conversion, and breach of common law duties. WYNN shares recently traded at $124.97, up $3.9, or 3.22%. They have traded in a 52-week range of $101.02 to $172.58. Volume today was 2,407,081 shares versus a 3-month average volume of 2,815,420 shares. The company’s trailing P/E is 25.68, while trailing earnings are $4.88 per share.
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