MGM Stock Dropped On Tuesday, ConocoPhillip (COP), Tesla (TSLA) Also Fell

MGM Resorts International (MGM) was down -0.46 percent to $30.35. The American film studio behind the ‘James Bond’ franchise could be sold soon. According to a source in the Wall Street Journal, the California-based company has called on investment banks Morgan Stanley and LionTree and has started an official sale process. Ten years after leaving the safety of the United States’ Bankruptcy Act, based on privately traded stock, the company will be valued at approximately $5.5 billion (including debt). MGM hopes to draw interest beyond conventional Hollywood players including foreign media firms, private equity players or SPAC (special purpose acquisition companies). The New York-based hedge fund Anchorage Capital Group, MGM’s largest shareholder, has been under pressure in recent years due to poor results and the shortcoming of its clients. A rising problem will be its non-liquid investment in MGM.

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MGM’s title library makes it a very interesting target while video streaming is exploding, thanks to Netflix Inc (NFLX) (-0.30 percent at $527.33). The studio, including the “Rocky” franchise, “The Handmaid’s Tale” and “Vikings” has produced or distributed numerous films and television shows. In its library, it has also entered into licensing agreements for films, including “The Silence of the Lambs,” “Dances with Wolves,” “Rain Man” and “The Terminator.” Two years ago, Apple wanted to get its hands on Metro-Goldwyn-Mayer, but the negotiations had not gone through with price issues. The Apple could try again with billions in cash to improve the content of its ‘Apple TV’.

The U.S. oil & gas exploration and production firm ConocoPhillips (COP) was down -3.01 percent to $39.03. The state-run Norwegian Petroleum Directorate announced Tuesday that ConocoPhillips has made a big oil discovery in the Norwegian Sea, from 76 to 201 million barrels.

Tesla Inc (TSLA) kept losing on its second day on S&P 500 listing. Investors remained profit taking bringing the stock down -1.46% to settle at $640.34 in the Tuesday session, after which the market capitalization of the electric vehicle giant dropped below $600 billion mark to $572 billion.

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