43.81 0.00 (0.00%)
After hours: 4:41PM EDT
|Bid||42.75 x 2200|
|Ask||43.73 x 2200|
|Day's Range||43.04 - 45.77|
|52 Week Range||31.86 - 54.99|
|Beta (3Y Monthly)||2.20|
|PE Ratio (TTM)||30.42|
|Earnings Date||Aug 3, 2017 - Aug 7, 2017|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||57.33|
In the big merger announcement between Eldorado Resorts and Caesars Entertainment, there's been no mention of sports betting.
Moody's Investors Service ("Moody's") downgraded Caesars Entertainment Operating Company LLC's ("CEOC") Corporate Family Rating to B1, its Probability of Default Rating to B1-PD and its senior secured bank rating to B1 and placed these ratings on review for further downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). CEOC is expected to be merged with another CEC subsidiary, Caesars Resorts Collection, LLC. ("CRC"), as a part of the merger financing plan, and so the rating downgrade equalizes it with that of CRC. The broad scope of the transaction structure and financing was announced by ERI.
Moody's Investors Service ("Moody's") placed the Caesars Resort Collection, LLC's ("CRC") B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba3 senior secured and B3 senior unsecured ratings on review for downgrade reflecting the announcement by parent, Caesars Entertainment Corp ("CEC"), that it entered into a merger agreement with Eldorado Resorts, Inc. (ERI). ERI will acquire CEC's common for $12.75 per share consisting of $8.40 per share in cash and 0.0899 shares of ERI common stock for total consideration of $17.3 billion comprised of $7.2 billion in cash, about 77 million ERI common shares and assumption of CEC's net debt, including its existing convertible security.
There’s a surprising acquisition coming in the gaming space and an unsurprising result in the fast-food industry.
The combined company will have 60 casino properties — including 5 in Philadelphia and Atlantic City.
Even after a rejection last fall, Fertitta reportedly was still interested in a Caesars deal as of March. Although a merger is off the table, Fertitta might still benefit from the deal announced June 24.
Caesars Entertainment Corp. and Eldorado Resorts Inc. set the termination fees for the $8.6 billion deal agreed Monday, saying int a regulatory filing that if Caesars terminates the deal in favor of another one or in other circumstances it would pay Eldorado a termination fee of $418 million. If the deal were terminated by Eldorado, it would pay Caesars a termination of fee of $155 million, said the filing. "In addition, each party will be obligated to reimburse the other party's expenses for an amount not to exceed $50 million if the Merger Agreement is terminated because of the failure to obtain the required approval of such party's stockholders (creditable against any termination fee that may subsequently be paid by such party)," said the filing. Both stocks were slightly lower in premarket trade.
NEW YORK , June 24, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Caesars Entertainment Corp. ("Caesars" ...
Caesars Entertainment (CZR) stock jumped over 15% Monday after news broke that the company agreed to merge with Eldorado Entertainment (ERI).
The Dow Jones Industrial Average ended little changed Monday as investors looked to the upcoming G-20 summit for a breakthrough in U.S.-China trade talks. agreed to buy Caesars in a $17.3 billion deal that will create the biggest U.S. gaming company. Eldorado Resorts slumped 10.6%.
With the G20 summit right around the corner, stocks were relatively muted on Monday. Investors are trying to position themselves ahead of earnings next month, the Fed's looming rate cut and trade headlines leading up and following the G20 summit. Let's look at some top stock trades from Monday. Top Stock Trades for Tomorrow 1: Bristol-Myers Squibb Click to EnlargeShares of Bristol-Myers Squibb (NYSE:BMY) took a spill, falling over 7% on Monday. The fall comes after two pieces of news. With the company looking to wrap up its acquisition of Celgene (NASDAQ:CELG), the duo are apparently willing to divest Celgene's Otezla unit.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * The 7 Best Acquisitions of 2019 That unit represented about 10% of Celgene's most recent quarter of sales and is a $1-billion-a-year drug. Investors obviously aren't too happy about that. Negative news about BMY's Opdivo isn't helping sentiment either.So what now?The charts were just starting to look good for BMY, with the stock trying to climb north of $50 for the time since March. Instead, investors are now hoping that support in the $44 to $45 area holds up. Top Stock Trades for Tomorrow 2: Celgene Click to EnlargeIt also bring up the question of Celgene. Shareholders are to receive $50 in cash plus 1 share of BMY for each share of CELG that they own. Currently, that puts the deal value at $95 for Celgene stock, not including the cash incentive to shareholders for future drug approvals.However, because the deal is not expected to go through until Q4 2019 or Q1 2020 -- unlike previously expected in in Q3 2019 -- both stocks are still susceptible to big moves.Below the 20-day and 50-day moving averages is not all that great for Celgene stock. However, still north of $92.50 means CELG is okay, technically speaking. Top Stock Trades for Tomorrow 3: Caesars Entertainment Click to EnlargeShares of Caesars Entertainment (NASDAQ:CZR) are surging on Monday, up almost 15% on a $17.3 billion merger agreement with Eldorado Resorts (NASDAQ:ERI), which is down about 15% as a result.With the exception of the size, the deal is somewhat similar to the BMY-CELG one above. Assuming regulatory approval, CZR stock could drift higher. At the time of the news release, it valued CZR stock at $12.75 apiece, more than $1 per share below current levels.That said, CZR's final value will depend on the value of ERI too. I want to see CZR stay north of the 200-day moving average. I also want to see ERI stock stabilize as well. Top Stock Trades for Tomorrow 4: New Relic Click to EnlargeNew Relic (NASDAQ:NEWR) is a new one for the Top Stocks list, but its action warrants some attention.$95 has been pretty solid support, as has the 200-day moving average. With Monday's fall though, both levels gave way. Bears may be tempted to short NEWR on a retest of this area provided it now acts as resistance.With support failing, a drop down to the $77.50 to $80 area is possible. Until it's north of $95 again, bulls may need to wait for a better opportunity. Top Stock Trades for Tomorrow 5: Match Group Click to EnlargeMatch Group (NASDAQ:MTCH) caught a big bounce on Monday, with shares jumping more than 7%. * 7 Top S&P 500 Stocks of 2019 (So Far) The move comes on a test of the 50-day moving average, which has buoyed the name for months now. Over $74 and MTCH stock can breakout out. If it acts as resistance again, look to see if the 50-day holds once more.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long CELG. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Telecom Stocks to Set on Speed Dial * 6 Stocks to Sell in the Back Half of 2019 * 7 Top S&P 500 Stocks of 2019 (So Far) Compare Brokers The post 5 Top Stock Trades for Tuesday: CELG, BMY, CZR appeared first on InvestorPlace.
"As a combined company, Caesars and Eldorado will be America's preeminent gaming company," activist investor Carl Icahn said of the deal he helped reach fruition. "ERI has proven its ability to execute and VICI has positioned itself to continue growing, both of which are consistent with our theses," Jefferies analyst David Katz said.
Wall Street's main indexes were flat on Monday, as losses in healthcare stocks offset gains in the technology sector, while investors awaited a high-stakes meeting between U.S. and Chinese leaders at the G20 summit later this week. The benchmark index is up 7.2% so far in June and is on track to recoup its losses from the previous month.
NEW YORK , June 24, 2019 /PRNewswire/ -- Rowley Law PLLC is investigating potential claims against Caesars Entertainment Corporation (NASDAQ: CZR) and its board of directors for breach of fiduciary duty ...
An acquisitive Eldorado Resorts landed its biggest deal yet by agreeing Monday to buy the larger Caesars Entertainment.