Investing.com - Stocks in focus in premarket trading on Monday:
• Caesars Entertainment (NASDAQ:CZR) stock jumped 13% by 8:20 AM ET (12:20 GMT) after casino operator Eldorado Resorts (NASDAQ:ERI) agreed to merge with it in a cash and stock deal that valued Caesars at about $17.3 billion including debt. The combined deal will create a huge competitor to other casino players, including Wynn Resorts (NASDAQ:WYNN) and MGM Resorts (NYSE:MGM).
• Bristol-Myers Squibb (NYSE:BMY) stock fell 4% as it said it would divest Celgene’s arthritis med Otezla in an aim to get the sign off from the U.S. Federal Trade Commission on its planned takeover of Celgene (NASDAQ:CELG), which was down 3.7%. Otezla accounts for around 10% of Celegen’s sales.
• Deere & Company (NYSE:DE) stock gained 1.1% after Jefferies upgraded the tractor maker to “buy” from “hold”, according to CNBC.
• Spotify (NYSE:SPOT) stock fell 3.5% after Evercore ISI downgraded it to “underperform” from “in line,” saying it doesn’t see the company generating enough profit over the medium-term, CNBC reported.
• Palatin (NYSE:PTN) stock surged 28.6%, while AMAG Pharmaceuticals (NASDAQ:AMAG) rose 8.5% after the U.S. Federal Drug Administration approved its Vyleesi treatment for low libido in women.