Today’s Market Digest: MGM Resorts International (MGM), Caterpillar (CAT), Whole Foods Market (WFM), ConocoPhillips (COP)

Albany, New York (09/22/2014) – MGM Resorts International (NYSE:MGM) suffered a downgrade where analysts at Argus narrowed their view of the stock to a “hold” from a “buy” in the previous note. The analysts cited the challenge in Macau as a concern and the reason behind their bearish move on the stock. Some other analysts have recently commented on MGM Resorts International (NYSE:MGM) and such include analysts at JPMorgan Chase & Co. (NYSE:JPM) that reiterated an “overweight” on the stock, but narrowed their target price on the stock. They have it at $30 from $31 in the previous note.

Caterpillar Inc. (NYSE:CAT) continues to face a downturn in its business, especially in the segment that serves the mining sector. The company said that its global dealership sales declined 10% in the three months that ended in August. The mining segment registered 33% decline in sales while the construction segment revealed 1% decline in sales. Caterpillar Inc. (NYSE:CAT) blamed the problem on the reduced mining activities whereby mining companies are not expanding into new sites because of the oversupply in the market, especially for commodities such as coal and iron ore.

Whole Foods Market, Inc. (NASDAQ:WFM) is reportedly considering its second store in Detroit. The company’s co-CEO, Walter Robb, hinted at such a plan during an event in the Motor City last week. The company opened its first store there in 2013 and it appears as though business is rewarding in Detroit that Whole Foods Market, Inc. (NASDAQ:WFM) feels energized to open another location. The reports about a second Detroit store comes at a time when Whole Foods Market, Inc. (NASDAQ:WFM) announced that it was testing a reward program to encourage shoppers to visit its stores.

ConocoPhillips (NYSE:COP) has entered a deal to unload one of its assets. The latest asset to be placed on the block is the Wingate Fractionation Plant, which is located in Gallup, New Mexico. The facility boasts a production capacity of 25,000 barrels per day. The Wingate Fractionation Plant is currently idled by ConocoPhillips (NYSE:COP). It will be sold to Western Refining, according to a company statement.

About the Author

Terrel is US Markets Daily’s business news reporter. She joined US Markets Daily after five years as a print reporter.

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