Magna Entertainment stock hit a new 52-week high of $10.25 Friday morning. The Canadian racing conglomerate stock price has been on a steady march upward since mid-January when it was trading for around $7 per share.
Interest in Magna has been spurred recently by the launch of an Internet account wagering service and a Bear, Stearns & Co. report that identified Magna as one of the companyês that could benefit the most from the expansion of account wagering. As of 2 p.m., Magna stock was $10.03 per share on a heavy volume of 478,700 shares. The 100-day average trading volume for Magna is 138,000 shares.
Trading on Churchill Downs, also identified as a leading company to watch by Bear Stearns, was off by 2.6% to $36.13 as of 2 p.m. Friday. Churchill Downs stock, however, has also been enjoying a steady climb. The Louisville-based racing conglomerate set a new 52-week high of $39.69 on Jan. 24 and approached that price again the day Bear Stearns released its report on account wagering.
Penn National Gaming, a casino and racetrack operator, also was featured prominently in the Bear Stearns report. On Friday, Penn National stock was down about 1% to $32.07 on relatively light trading. Recent trading does not accurate reflect the meteoric rise of this stock in the past year caused largely by increased revenues from video lottery terminals at Charles Town Races Penn Nationalês 52-week range is $10 to $32.99.