n a Form 4 filing, Kerkorian's Tracinda Corp. reporting donated 5 million MGM shares on Wednesday, lowering its stake in the Las Vegas-based company to 52.2 percent. More details were not disclosed.
In August, Tracinda reported a similar transaction. On August 6, the investor also donated 5 million MGM shares, bringing its stake to 54.2 percent at the time. Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
MGM shares jumped us$ 2.67, or 4.5 percent, to us$ 62.52 in afternoon trading. The stock has traded between us$ 58.87 and us$ 100.50 during the past 52 weeks.