On Tuesday, the research committee at Princeton, N.J.-based Avalon Research Group issued a "buy" recommendation for Magna, the racetrack and entertainment spinoff of Magna International. Both companies are chaired by Thoroughbred breeder-owner Frank Stronach.
The price of Magna Entertainment's stock continued its recent spiral on Thursday, rising by $1.00 to close at $6.875, a 52-week high. The closing price represented a 17% improvement over Wednesday's close of $5.875, which was up 13.25% over the previous day's closing price. At one point Thursday, Magna was traded at $7.125, well above the previous 52-week high of $6.25. For the second day in a row, there was a lot of trading in the stock, with volume of 613,000 shares.