Line Corp’s IPO, MGM’s Push Into Mobile Gaming Among the Biggest Finance Stories of the Day

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MGM Resorts Introduces Mobile Gaming

Although it is a traditional integrated casino operator, MGM Resorts International (NYSE:MGM) isn’t adverse to adjusting to the times. On Wednesday, MGM Resorts introduced the first digital and interactive tournament to be offered by a regulated casino in the United States, easyPLAY Mobile Tournaments, at nine different properties. EasyPLAY is a mobile gaming platform that offers opportunities for customers to win thousands of dollars by playing regularly scheduled tournaments of classic casino games such as bingo, slots, and others through their mobile phones. Bulls hope the new feature will help bring in more cash flow for MGM. 55 funds in our system were long MGM Resorts International (NYSE:MGM) at the end of the first quarter, up by six funds from the close of the prior quarter.

Analysts Give Thumbs Up to Range Resources 

Analysts at Imperial Capital upgraded Range Resources Corp. (NYSE:RRC) to ‘Outperform’ from ‘In-line’ and raised their price target on the stock to $55 from $45 per share today. The analysts believe higher natural gas prices are here to stay and that Range Resources has reported some strong well results in its Marcellus play. Despite the upgrade, Range Resources shares have retreated by 3% today, mainly on the back of lower natural gas prices, which are in the red this afternoon. The number of funds that we track with long positions in Range Resources Corp. (NYSE:RRC) rose by four quarter-over-quarter to 36 as of the end of March.

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Citigroup Benefits From Peer Strength

Citigroup Inc (NYSE:C) shares have risen by almost 3% today, largely on the back of JPMorgan Chase & Co. (NYSE:JPM)’s better-than-expected earnings results. Given that JMorgan CEO Jamie Dimon recently said that many of the company’s regulatory and legal headwinds had begun to abate, many traders hope the same headwinds facing Citigroup will change for the better too. Shares of Citigroup trade at a traditionally-cheap valuation of just 0.61-times book value and are down by 16% year-to-date. Ken Fisher‘s Fisher Asset Management was one of the top shareholders of Citigroup Inc (NYSE:C) holding 12.06 million shares as of June 30.

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