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El Dorado Resorts gearing up to buy Caesars Entertainment in a $17.3 billion cash-and-stock deal that includes debt. Yahoo Finance's Scott Gamm joins Seana Smith.
One scoop to start: Smith & Nephew board members have discussed moving the company’s share listing to the US, partly to escape the UK’s stricter attitude towards executive pay. Read the exclusive from the FT’s Sarah Neville and DD’s Arash Massoudi. Some of the most famous performers of our time have graced the stages of Las Vegas, ready to entertain the millions of tourists who descend upon Sin City every year.
Wu Xiaohui was shopping in New York. “He didn’t really care — he’d point out the window and say: that one!” recalls a real estate executive who met Mr Wu, then chairman of China’s Anbang Insurance. Anbang, meanwhile, is under the control of the Chinese government and looking to unload US properties worth billions of dollars.
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%.
U.S. stocks ended mostly lower on Monday, with only the blue-chip Dow managing to hold onto slight gains, as geopolitical tensions in the Middle East weighed on the oil sector. The Dow Jones Industrial Average was up 9 points, or less than 0.1%, to around 26,728, based on preliminary numbers. The S&P 500 was down 0.2% to finish around 2,945. The Nasdaq Composite fell 0.3% to end around 8,006. President Donald Trump signed an executive order sanctioning Iran's leaders. The U.S. and Iran have been stuck in a simmering dispute over attacks on tankers near the Strait of Hormuz and the downing of a U.S. drone last week. U.S. oil futures settled higher on Monday, even as energy stocks were among the worst performers for the day. Investors were mostly focused on the upcoming G-20 meeting at the end of the week, with many hoping President Donald Trump and Chinese counterpart Xi Jinping will reach a deal to prevent a further escalation in trade tensions. Shares of Caesars Entertainment Corp. jumped 15% after the casino operator consented to a buyout by Eldorado Resorts Inc.
"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.
Utilities rose 0.3%, while the S&P; 500 rose 1.6% for the week ending June 21. So far in 2019, utility stocks have risen almost 15%, while broader markets have risen more than 17%.
Smaller names continue to struggle while big names are finding enough buyers to keep the Dow green as well as the S&P 500. Next, I believe large cap will rotate into China. The mobile and live-streaming firm is potentially one of the names poised to benefit the most from the push in e-sports and digital entertainment.
An acquisitive Eldorado Resorts landed its biggest deal yet by agreeing Monday to buy the larger Caesars Entertainment.
Wall Street's main indexes edged higher on Monday, as gains in technology stocks more than offset losses in healthcare sector, while investors awaited a high-stakes meeting between U.S. and Chinese leaders at the G20 summit later this week. Optimism over a revival in trade talks between the two largest economies and hopes that the Federal Reserve would cut interest rates to battle the impact of a trade war on economic growth helped push the S&P 500 index to a record high on Friday.
Drug maker Perrigo issued a voluntary recall of more than 23,000 containers of this baby formula sold at Walmart. Yahoo Finance's Ines Ferre has the story
Police in Salt Lake City say there still is no sign of missing University of Utah senior Mackenzie Lueck since she was dropped off by a Lyft driver early June 17. A police official says the investigation into her disappearance continues. (June 24)
McKenzie Lueck, 23, was not in distress when she was met at Hatch Park by an individual in a vehicle, according to authorities.