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June 18, 2014
06:11 EDTAPO, CZRAppaloosa, bondholders set to sue Caesars, NY Post reports
David Tepper's Appaloosa Management and a group of bondholders are set to file a lawsuit as early as today against Caesars Entertainment (CZR) in a move to stop Caesars from selling four of its casinos to another Caesars-owned entity for $2.2B, the New York Post reports, citing sources. The sale is likely to benefit Apollo (APO) and TPG, both Caesars shareholders that control Caesars entities. The suit is expected to claim that the sale is "fraudulent" and would make it "nearly impossible" for Caesars to pay down its $24B of debt. Reference Link
News For CZR;APO From The Last 14 Days
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October 8, 2015
12:16 EDTCZRJudge allows suits from Caesars bondholders to proceed, Debtwire reports
Maria Chutchian, corporate bankruptcy reporter for Debtwire, stated on Twitter that a judge has upheld a prior ruling allowing New York and Delaware bondholder litigation against Caesars to proceed. Reference Link
11:14 EDTAPOTronox surges following report of Apollo interest in Chemours
Shares of Tronox (TROX), a manufacturer of titanium-dioxide, jumped in morning trading after Bloomberg reported that Apollo Global Management (APO) was considering a takeover bid for Chemours (CC) in a possible attempt to consolidate other makers of titanium-dioxide, or TiO2. WHAT'S NEW: Apollo Global is mulling the potential of making an offer for Chemours, the former chemical-manufacturing unit of DuPont (DD), and using it as a base to consolidate TiO2 makers, Bloomberg reported, citing people with knowledge of the matter. The private equity firm has held preliminary talks with lenders over a buyout of Chemours, whose market value is roughly $1.4B, the report said. Apollo would then approach other companies, including Tronox, about a tie-up to generate scale and cost efficiencies, the report added. OBSTACLES: Bloomberg noted that several hindrances stand in the way of a possible Apollo Global-Chemours tie-up, including a tax bill for DuPont should Chemours be taken private too soon after the July spinoff. In addition, debt will play a major role if a proposal should happen, since Chemours still owes $4B to DuPont as a result of a payment made to DuPont prior to the spinoff, the report says. WHAT'S NOTABLE: On September 25, Huntsman Corporation (HUN), which also manufactures TiO2, said that it anticipates lower titanium-dioxide selling prices, especially in North America, to affect its third quarter earnings, which the company is scheduled to report on October 27. The company also noted at the time that it sees soft demand in the Asia Pacific region having an impact on its Q3 results as well. PRICE ACTION: In morning trading, Tronox shares rallied nearly 20% to $7.92, Chemours rose 1.4%, DuPont gained 1.5%, Huntsman advanced 8.2% and Apollo Global slid 0.7%.
06:08 EDTCZRCaesars Entertainment Operating Co. announces restructuring steps
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October 7, 2015
18:55 EDTAPOApollo Global may explore buyout of Chemours, Bloomberg says
10:15 EDTCZROptions with decreasing implied volatility
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October 4, 2015
16:02 EDTAPOXchanging says received acquisition proposals from Apollo Global, Capita
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October 1, 2015
10:52 EDTAPOLand and Buildings says more changes needed to enchance New York REIT value
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September 30, 2015
18:25 EDTAPOMidCap to acquire Mubadala GE Capital loan portfolio
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10:36 EDTCZROptions with increasing implied volatility
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09:31 EDTCZRLas Vegas reports August gaming win down 1.4% to $908.24M
Las Vegas strip August gaming win fell 4.7% to $527.38M. Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
September 29, 2015
10:48 EDTCZROptions with increasing implied volatility
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September 28, 2015
10:20 EDTCZROptions with increasing implied volatility
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September 25, 2015
12:38 EDTCZROptions with increasing implied volatility
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September 24, 2015
16:14 EDTCZROn The Fly: Top stock stories for Thursday
Stock futures were weak in early pre-market trading and the negative bias was cemented when Dow member Caterpillar (CAT) announced restructuring actions, including plans to cut as many as 10,000 jobs, and slashed its revenue guidance for this fiscal year and next. For most of the day the sellers remained in control, pushing the market down more than 1.5% at one point. In the afternoon, though, the buyers came in and began to pick up perceived bargains, paring the market's losses. The averages closed well off their worst levels, but still in the red, ahead of a much-anticipated speech this evening from Fed Chair Janet Yellen. ECONOMIC EVENTS: In the U.S., there were 267,000 initial jobless claims last week, versus expectations for 272,000 first-time claims. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The Chicago Fed National Activity Index had a reading of -0.41, versus expectations of +0.24. New home sales jumped 5.7% in August to a 552,000 rate, versus expectations for a rise of 1.6% to a 515,000 rate. In Asia, Japan's stock market reopened for the first time since Friday and the Nikkei suffered a nearly 3% decline as it caught up to other global markets. The slide came despite Japanese Prime Minister Shinzo Abe unveiling new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration. Elsewhere, Norway and Taiwan both cut interest rates this morning. The Norges Bank lowered rates by 25 basis points to 0.75%, while Taiwan cut its benchmark by 12.5 basis points to 1.75% in the nation's first lowering of rates since 2009. COMPANY NEWS: Shares of Caterpillar fell $4.40, or 6.27%, to $65.80 after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year. Before the news was announced, research firm Axiom initiated coverage of Caterpillar with a Sell rating and $28 price target, projecting that the company's calendar 2016 earnings will fall well below the Street consensus view. Other mining and agriculture equipment makers were also weaker following the Dow member's announcement, with Joy Global (JOY) falling 1% and Deere (DE) dropping 2.5%. MAJOR MOVERS: Among the notable gainers was STERIS (STE), which advanced $5.05, or 8.02%, to $68.00 after the Federal Trade Commission was denied an injunction to stop the company's proposed merger with Synergy. Also higher was Diamond Foods (DMND), which gained $2.98, or 9.72%, to $33.65 after dealReporter said the company has held talks with strategic suitors as it explores a potential sale. Among the noteworthy losers was Sientra (SIEN), which crashed $10.88, or 52.87%, to $9.70 after a U.K. regulator suspended the CE certificate for all medical devices made by Silimed, the company's contracted manufacturer. Also lower was Caesars (CZR), which fell 6.6% to $7.51 after Bloomberg reported that the company has reached an impasse in talks with certain junior bondholders and creditors involved in the ongoing restructuring of its operating unit. INDEXES: The Dow fell 78.57, or 0.48%, to 16,201.32, the Nasdaq dropped 18.27, or 0.38%, to 4,734.48, and the S&P 500 lost 6.52, or 0.34%, to 1,932.24.
13:06 EDTCZRCaesars and debtholders reach impasse in talks, Bloomberg says
Caesars and a committee of junior bondholders who are asking for approximately $2B more than the casino operator has offered have reached an impasse in talks, according to an earlier Bloomberg report. Caesars also has lost the support of another group of creditors who refuse to extend the deadline for a proposed deal to restructure the company's insolvent subsidiary, added Bloomberg. Shares of Caesars are almost 14% lower in afternoon trading. Reference Link
11:08 EDTCZROptions with increasing implied volatility
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