Wednesday’s Major Market Losers: General Motors Company (GM), Sprint Corp (S), MGM Resorts International (MGM)

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Another company falling in the footsteps of General Motors during today’s trading session was Sprint Corp (NYSE:S), as its shares are down by 7.91%. According to a recent report from Strategy Analytics Inc, a business analysis firm, Sprint is likely to slip down to the fourth spot in terms of the number of subscribers through 2020. The analytics company said that T-Mobile US Inc (NYSE:TMUS) is likely to become the third-largest wireless network in the country considering its close competition with Sprint. T-Mobile reported 56.8 million subscribers at the end of the March against Sprint Corp (NYSE:S)’s 57.1 million subscribers. However, the third-largest wireless carrier is making efforts to increase its subscribers with plans like an “All-In” deal for $80 per month, which offers unlimited calling, texting, and data. The shares of Sprint Corp (NYSE:S) are down by 0.97% year-to-date and smart money has a bearish outlook towards its shares. The number of investors holding investments in the wireless carrier was down by four to 23 during the first quarter, with aggregate investments of $498.25 million, which was lower than the previous quarter’s investments of $561.97 million. William B. Gray’s Orbis Investment Management was among the primary investors of Sprint, with 69.98 million shares valued at $331.71 million.

The shares of MGM Resorts International (NYSE:MGM) are trading at $17.55, close to their 52-week low of $17.25. The aforementioned 7.82% decline comes a day after Credit Suisse upgraded the shares of the gaming and resort company stating that the “worst is over” for the Macau Gaming sector, which is heavily reliant on Chinese tourism. The weakness in Macau in the current financial year has pushed the shares of MGM Resorts International (NYSE:MGM) 18% lower year-to-date. Barclays included the hotel company in its recent list of Americas Top Picks List for 2015, under retail stock picks. The smart money also has a positive outlook on the shares of MGM Resorts, with 58 hedge fund managers holding cumulative investments of $1.76 billion at the end of the first quarter against prior quarter investments of $1.45 billion held by 45 hedge fund investors. James Dinan’s York Capital Management held the largest stake in MGM Resorts International (NYSE:MGM) at the end of the first quarter, of 9.94 million shares valued at $209.09 million.

Disclosure: None

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