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Reuters first reported that the Eldorado proposal would value Caesars at $13 a share, some 30% higher than its Friday closing price and nearly double where the iconic casino operator's stock was trading at the start of the year. The combined equity value of the two casino operators would be in the region of $12.7 billion, according to figures from the Reuters report, giving the deal an enterprise value of $18 billion once debt from both companies is included.
US casino operator Eldorado Resorts is close to agreeing a merger with rival gaming group Caesars Entertainment, in a cash and stock deal that would value Caesars at about $18bn including debt, according to two people with knowledge of the matter. The deal, which could be announced as early as Monday, would represent the latest turn for Caesars after an ill-fated leveraged buyout on the cusp of the 2008 financial crisis left the casino group heavily indebted and ultimately led it to seek bankruptcy protection. Caesars shares were expected to be valued at roughly $13 apiece in the transaction with Eldorado, a 30 per cent premium to their closing price on Friday, the people said, and shareholders of Eldorado and Caesars were expected to each own roughly half of the combined company.
(Bloomberg) -- Eldorado Resorts Inc. agreed to buy Caesars Entertainment Corp. for about $8.7 billion in cash and stock, according to a person familiar with the situation.The deal values Caesars at about $13 a share, according to the person, who asked not to be identified because the information isn’t public. Including assumed Caesars debt, the transaction would be valued at about $18 billion. The combined entity will be split almost equally between shareholders of both companies, the person said, adding that the deal will be announced Monday.The price represents a 30% premium to Caesars’s close on Friday. Eldorado had a market value of about $4 billion as of Friday.Caesars had been pushed by activist billionaire Carl Icahn, its biggest shareholder according to data compiled by Bloomberg, to consider a sale. Earlier discussions had focused on a deal that would have valued Caesars at $11 a share, a person familiar with those talks had said.Eldorado shares have risen 17% in the past year, compared with a 12% decline in Caesars’ stock. The S&P Supercomposite Casinos & Gaming Index, which tracks the performance of nine stocks including the two companies, slumped about 20%.Caesars shares are trading at 24 times reported earnings, while Eldorado is valued at 33 times, according to data compiled by Bloomberg.Officials from Eldorado and Caesars declined to comment on the report. Reuters earlier reported the acquisition plan.Eldorado wasn’t Caesars’ only suitor. Golden Nugget owner Tilman Fertitta proposed merging his restaurant and casino empire with Caesars last year, but was rejected by Caesars.Caesars, whose properties include the flagship Caesars Palace and the Harrah’s chain, is still coping with the fallout of a 2008 leveraged buyout led by Apollo Global Management LLC and TPG that left it with a mountain of debt. The company completed a bankruptcy of its largest unit two years ago that brought in new board members and shareholders, including distressed-debt investors. Apollo and TPG have sold their shares.Eldorado, which dates back to a single casino opened in Reno, Nevada, in 1973, has grown exponentially in recent years under the direction of Tom Reeg, who is now chief executive officer. The company in recent years acquired MTR Gaming Group Inc. and Isle of Capri Casinos, and last year added Tropicana Entertainment Inc., which was controlled by Icahn.The business, which still counts the founding Carano family as its largest shareholder, now has 26 casinos in 12 states.(Updates with valuation in sixth paragraph.)\--With assistance from Hailey Waller.To contact the reporters on this story: Scott Deveau in New York at email@example.com;Christopher Palmeri in Los Angeles at firstname.lastname@example.org;Liana Baker in New York at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, ;Liana Baker at email@example.com, Linus Chua, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday. The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board. The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources.
(Bloomberg) -- Shares of private prisons GEO Group Inc. and CoreCivic Inc. took a hit Friday morning after presidential candidate Senator Elizabeth Warren tweeted about about her plan to terminate them.GEO slid as much as 5.8%, its biggest intraday loss since March, and CoreCivic retreated as much as 6%, the largest intraday decline this year.Warren, a Massachusetts Democrat, said in a tweet that “private prison companies have spent millions to turn our criminal and immigration policies into ones that prioritize making them rich instead of keeping us safe —with terrible consequences. Today I’m announcing my plan to end this private profiteering off of cruelty.”The plan calls for banning private prisons and detention facilities, stopping contractors from charging service fees for essential services, and expanding oversight. But with Republicans controlling the Senate, Warren will likely hit a wall with her proposal without some GOP support.Private prisons have been targeted by Warren in the past, when the senator said she was looking into the system’s approval process, saying the group accrediting operators appears to be a “conflicted party” that doesn’t hold facilities accountable.\--With assistance from Felice Maranz.To contact the reporter on this story: Carolina Wilson in New York City at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Jennifer Bissell-Linsk, Catherine LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Constellation Brands' (STZ) constant brand-building efforts, acquisitions and pipeline of innovations are encouraging. However, its soft wine & spirits business remains a headwind.
Read the beginning of this article here. Marathon Asset Management’s biggest position at the end of the first quarter of 2019 was in one of the largest gaming hotel and casino corporations in the world, Caesars Entertainment Corporation (NASDAQ:CZR). During the quarter, the fund actually lowered its stake in the company by 15% to 1.88 […]
Minneapolis mural master Adam Turman is among the artists tapped by Indian Motorcycles to produce a line of limited-edition tank covers for its FTR1200 bike.
Estee Lauder (EL) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
Legendary investors such as Jeffrey Talpins and Seth Klarman earn enormous amounts of money for themselves and their investors by doing in-depth research on small-cap stocks that big brokerage houses don't publish. Small cap stocks -especially when they are screened well- can generate substantial outperformance versus a boring index fund. That's why we analyze the […]
CoreCivic, Inc. (NYSE:CXW), which is in the reits business, and is based in United States, saw a significant share...
General Mills (GIS) is poised to gain from its core strategies to drive sales growth. Also, its robust cost-saving measures should offer cushion from input cost inflation in Q4 earnings.
NIKE (NKE) boasts an impressive earnings record, driven by solid execution of Consumer Direct Offense. But currency headwinds might play spoilsport in fourth-quarter fiscal 2019.
The owner of Bally's and Harrah's kicked off its auction two months ago with a price of $13 a share. Eldorado countered with a bid of $10.50 a share on June 6, which the board unanimously rejected. Sources told the New York Post that Icahn, who owns a near-30% stake in Caesars with swaps, agrees that Eldorado's $10.50 offer is too low, but that he is willing to accept less than the board is currently seeking.
Today we'll take a closer look at Quest Diagnostics Incorporated (NYSE:DGX) from a dividend investor's perspective...
Chairman, President and CEO of Quest Diagnostics Inc (NYSE:DGX) Stephen H Rusckowski sold 244,565 shares of DGX on 06/13/2019 at an average price of $100 a share.
(Bloomberg) -- Retrieval-Masters Creditors Bureau Inc., whose business was blamed for a large-scale data breach that affected millions of Quest Diagnostics Inc. customers, filed for Chapter 11 protection, citing fallout from the security issue.The company, which collects patient receivables for medical labs under the name American Medical Collection Agency, listed assets and liabilities of as much as $10 million in its bankruptcy petition filed in the Southern District of New York. It’s aiming to liquidate, the company said.Court documents cited a breach discovered in March that affected millions of people, including customers of Quest Diagnostics and Laboratory Corporation of America. Soon after, Quest, LabCorp, Conduent Inc. and CareCentrix Inc. -- American Medical’s four largest clients -- stopped doing business with the company, leading to the bankruptcy filing, according to court papers.A representative for Retrieval-Masters didn’t provide a comment.Cascading EventsThe data breach created a “cascade of events” resulting in the bankruptcy filing, Chief Executive Officer Russell H. Fuchs said in a court declaration. It incurred “enormous expenses that were beyond the ability of the debtor to bear,” he said.Those expenses included more than $3.8 million spent on mailing more than 7 million individual notices to people whose information had been potentially hacked. Fuchs personally lent the company $2.5 million to help pay for those mailings, he said in the declaration. In addition, IT professionals and consultants hired in connection with the breach had cost Retrieval-Masters about $400,000 by the time of the filing.The Elmsford, New York-based company learned of the breach after receiving notices saying a high number of credit cards tied to its web portal were connected to fraudulent charges, Fuchs said. Quest is facing a lawsuit in California and inquiry in Michigan about the breach.Retrieval-Masters has slashed staff to 25 from 113 at the end of 2018, according to court papers.Retrieval-Masters also collects non-medical consumer debt, according to its website. Fuchs founded the company in 1977 and was initially focused on small-dollar debt collections for direct-mail marketers, such as the various book-of-the-month or record clubs that predated the e-commerce boom, before transitioning into patient receivables, the declaration shows.The case is Retrieval-Masters Creditors Bureau Inc., 19-23185, U.S. Bankruptcy Court for the Southern District of New York (White Plains)(Updates to include impact on LabCorp customers.)To contact the reporter on this story: Jeremy Hill in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Improvement in key end markets will aid Commercial Metals' (CMC) third-quarter fiscal 2019 results despite higher manufacturing costs and interest expenses.