UA’s stock price soared in “phantom” trading.

The not-yet-issued stock of United Artists Corp. vaulted to $16.75 from $12.625 on Wednesday in over-the-counter trading on a “when issued” basis. Financier Kirk Kerkorian is to buy the firm’s nearly 53 million shares for $9 a share simultaneously with the closing Tuesday of Turner Broadcasting’s $2.25-billion purchase of MGM/UA Entertainment, UA’s parent. Kerkorian, who owns 50.1% of MGM/UA, simultaneously will sell 14% of the UA stock to MGM/UA shareholders who subscribed to his offering last fall, also for $9 a share.