Kerkorian Busy On the Sell Side

Investor Kirk Kerkorian, who reportedly dumped his stake in Mirage Resorts in recent weeks, also has shaved his holdings in his own firm--MGM Grand.

Kerkorian said in a Securities and Exchange Commission filing on Tuesday that he sold two million of his MGM shares last week at $51.25 a share.

That was just slightly off the stock’s 1999 peak of $54.38 reached early last week.

Kerkorian still holds about 36 million shares, personally and through his investment company.

MGM stock plunged $6.19 to $47.25 on Monday, perhaps on rumors that Kerkorian was selling. The stock rebounded $3.44 to $50.69 on Tuesday.

Kerkorian also had bought a stake in rival Mirage Resorts in summer, but reportedly sold it recently after a cold reception from Mirage Chairman Steven Wynn.