Redstone Arm Loads Up on Midway Shares

Sumner Redstone is buying up shares of Midway Games (MWY Quote) again, and -- surprise, surprise -- the stock has rebounded from its months-long slump.

In three consecutive sessions ending on Monday, National Amusements, the theater chain operator that Redstone controls, has bought up a total of 195,500 shares of Midway stock, equal to two-tenths of a percent of Midway's stock. National Amusements bought the shares for between $7.19 and $9.59 each.

Midway's stock, which has an extremely small float because of Redstone's huge stake in the company, jumped with the trades. On Wednesday, when National Amusements filed a report on its latest purchases, Midway's shares were up 64 cents, or 7%, to $10.08 in recent trading. The stock is up a whopping 42% since National Amusements began its latest share buying. ...