Wednesday's Winners & Losers: Home Depot

Updated from 10:34 a.m. EDT

Home Depot(HD Quote) was among the NYSE's winners Wednesday, as shares rose 4.6% after the home improvement retailer announced a massive share repurchase plan and said that it would sell its HD Supply unit for $10.3 billion.

Home Depot is selling its HD Supply unit to the Carlyle Group, Bain Capital Partners and Clayton, Dubilier & Rice. The sale is expected to close during the third quarter. "HD Supply is a leader in its industry. We are proud of the business we built and know that it will continue to grow and flourish under new ownership," Home Depot said. "I'd like to thank Joe DeAngelo and the entire HD Supply leadership team for their contributions to The Home Depot."

Home Depot also announced that it would repurchase some $22.5 billion in stock as part of a stock buyback program. The company will fund the buyback program through a variety of sources, including net proceeds from the sale of HD Supply.

"Our planned recapitalization is transformational for our company," the company said. "While we continue to invest heavily in the five priorities focused on our core retail business, this recapitalization plan allows us to return significant capital to our shareholders, improve the efficiency of our balance sheet by lowering our cost of capital, while at the same time retaining strong financial and operational flexibility." Shares closed up $1.76 to $40.03.

MGM Mirage(MGM Quote) slumped 6.8% after the casino operator said that its largest shareholder, Tracinda, would not pursue a previously an acquisition of the company's Bellagio and CityCenter properties. "We are very gratified by the overwhelming interest in our company that followed Tracinda's initial announcement. We want to thank the transactions committee and its advisors, UBS Investment Bank and Weil, Gotshal & Manges, for their efforts during this period," MGM said in a statement. As a result of Tracinda's decision, MGM terminated the transactions committee that was formed to consider any Tracinda offer that might be made. Shares closed down $5.90 to $80.60.