Ticker Shock: La-Z-Boy, Pacific Sun Down; New CEO for MGM-Minyanville

Ticker Shock: La-Z-Boy, Pacific Sun Down; New CEO for MGM

Glenn Curtis Nov 19, 2008 12:45 pm

Ticker Shock: La-Z-Boy, Pacific Sun Down; New CEO for MGM


		Wednesday's top stories and stocks with potential to move.

MGM Mirage (MGM)

After the close last night, the well-known casino operator announced that James Murren, its president and COO, will become the CEO on December 1st.

I’m bringing this up because I think Murren is a really sharp guy. Having been with the company since the late 90s, he knows MGM Mirage very well. He also worked previously as an analyst.

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In other words, I’d argue that he probably knows the Street pretty well, too - and perhaps he also knows what investors are looking for. To that end, I think he’s a great pick to help revive the struggling company.

Kirk Kerkorian, a major shareholder and legendary investor, was quoted as saying: “Jim is a remarkable and multifaceted leader in whom I have the utmost confidence.”

I think that’s a good sign.

The shares are trading near their 52-week lows.

BJ’s (BJ)

Early this morning the well known wholesale club offered up its third-quarter results.

It put up $0.48 per share, which included a $0.01 charge for the closure of a facility. That’s good news in my book, given that analysts were at $0.46 a share - and given that, earlier in the month, it pegged third-quarter EPS at $0.45 to $0.49 a share.

Another upbeat sign: It now expects EPS for the full year to be $2.20 to $2.30 a share. That’s up pretty sharply from the $2.10 to $2.20 a share it previously offered.

Cutting right to the chase: I view all of these as positives, and think the shares close in the green today.

Have a great day!


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