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Stock Market & Financial Investment News

News Breaks
April 25, 2014
07:37 EDTPNK, CZR, NYNY, PENNCaesar's, Penn National among 22 to submit NY casino proposals, NYT says
22 companies, including big names such as Caesar's (CZR), Penn National (PENN), Empire Resorts (NYNY) and Pinnacle Entertainment (PNK), submitted proposals in the first step of what is expected to be an intense bidding process to be selected to develop the four new casinos approved to be built in New York State, reported The New York Times. Formal bids on the casinos are due June 30, with the board expected to make final decisions by early fall, the report noted. Reference Link
News For CZR;PENN;NYNY;PNK From The Last 14 Days
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July 23, 2015
07:07 EDTPENNPenn National reports Q2 EPS 19c, consensus 14c
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July 22, 2015
16:27 EDTCZROn The Fly: Top stock stories for Wednesday
Stocks began the session in negative territory and remained there throughout the day. Uninspiring earnings reports from Apple (AAPL) and Microsoft (MSFT) were enough to push the Nasdaq lower and the rest of the market followed. There was good news on the housing sector, with both existing home sales and a housing market index coming in with good data, but it was not enough to overcome the tech selloff. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: Shares of Apple dropped $5.79, or 4.43%, to $124.96 after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. A number of suppliers to Apple declined in tandem with the tech giant. Skyworks Solutions (SWKS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report... Microsoft declined $1.88, or 3.97%, to $45.40 after reporting its Q4 Devices and Consumer revenue declined 13% and its Windows OEM revenue decreased 22% as revenue was impacted by PC market declines following the XP end-of-support refresh cycle. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose $5.84, or 10.14% to $63.42 after St. Jude Medical (STJ) announced an agreement to acquire the company for $63.50 per share in a transaction valued at $3.4B. Shares of St. Jude, meanwhile, edged down by 4c to $76.67. Also higher following earnings reports were shares of Intuitive Surgical (ISRG) and Chipotle Mexican Grill (CMG), advancing about 8.5% and 7.8%, respectively. Among the noteworthy losers was Caesars Entertainment (CZR), which dropped $3.26, or 40.65%, to $4.76 following reports that a judge ruled the company must face certain creditor lawsuits that could force a bankruptcy. Caesars Acquisition (CACQ) also dipped after the news, falling $1.13, or 14.52%, to $6.65. Also lower was XOMA (XOMA), which plummeted $3.46, or 78.61%, to 94c and saw downgrades at numerous research firms after the company's Phase 3 gevokizumab study did not meet its primary endpoint. INDEXES: The Dow fell 65.60, or 0.37%, to 17,853.69, the Nasdaq lost 36.35, or 0.7%, to 5,171.77, and the S&P 500 declined 5.06, or 0.24%, to 2,114.15.
15:09 EDTCZRBankruptcy judge rules Caesar's must face suits, Bloomberg reports
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14:56 EDTCZRJudge won't halt creditor lawsuits against Caesar's parent, WSJ reports
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14:51 EDTCZRCaesar's halted for circuit breaker after falling to $6.31
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14:01 EDTCZRCaesar's July weekly 7 straddle priced for 33% movement into court ruling
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14:01 EDTCZRCaesar's July weekly volatility spikes to 490 into court ruling
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12:04 EDTCZRCaesar's volatility spikes into court ruling
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July 21, 2015
16:28 EDTCZROn The Fly: Top stock stories for Tuesday
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12:21 EDTCZROn The Fly: Top stock stories at midday
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09:21 EDTPNKOn The Fly: Pre-market Movers
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07:59 EDTPNKPinnacle Entertainment to host conference call
Conference call to discuss agreement that Gaming and Leisure Properties, Inc. will acquire real estate assets will be held on July 21 at 11 am. Webcast Link
07:53 EDTPNKGaming and Leisure to host conference call
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07:30 EDTPENNPenn National price target raised to $23 from $20 at Susquehanna
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07:14 EDTPNKGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
Gaming and Leisure Properties (GLPI) and Pinnacle Entertainment (PNK) jointly announced that they have entered into a definitive agreement under which GLPI will acquire substantially all of Pinnacle's real estate assets in an all-stock transaction. Under the terms of the agreement, which was unanimously approved by both companies' boards, Pinnacle's operating business and the real property of Belterra Park Gaming & Entertainment will be spun off into a separately traded public company and the real estate assets held by the remaining company will be acquired by GLPI. Pinnacle shareholders will receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo. Pinnacle shareholders will also receive one share of OpCo common stock for each share of Pinnacle they own. The agreed-upon exchange ratio gives PropCo an implied enterprise value of $4.75B, implying 12.6x initial year PropCo adjusted earnings before interest, taxes, depreciation and amortization, or 13.2x including transaction-related fees and expenses. Pro forma for the transaction, existing Pinnacle shareholders will own 100% of OpCo and approximately 56M shares in GLPI, representing an approximate 27% equity interest in the larger, post-transaction GLPI. Pinnacle's OpCo will continue to own and operate other assets, including Belterra Park Gaming & Entertainment, the Heartland Poker Tour, Pinnacle's interest in Retama Park, gaming licenses, gaming equipment as well as approximately 450 acres of developable land, principally in Lake Charles and Baton Rouge, adjacent to real estate GLPI would acquire. After the close of the transaction, which the companies expect will be completed in the first quarter of 2016, Pinnacle will operate the leased gaming facilities under a triple-net 10-year Master Lease agreement with GLPI that will have five subsequent, five-year extension periods at Pinnacle's option. Pinnacle will initially pay GLPI $377M in rent in the first year after close, which will result in a lease coverage ratio of 1.9x adjusted property earnings before interest, taxes, depreciation, amortization and rent/lease expense. GLPI anticipates the transaction will deliver low double-digit percentage accretion to its pro forma adjusted funds from operations per share in the first year after close. Under the triple-net lease structure, GLPI will benefit from the continued revenue growth of Pinnacle's operating assets. The combined REIT expects to continue to distribute at least 90% of its annual taxable income as dividends, and the first full year dividend per share is expected to increase by approximately a low double-digit percentage.
07:12 EDTPNKGaming and Leisure Properties agrees to acquire Pinnacle real estate assets
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05:07 EDTCZRCaesar's, CEOC, reach agreement with group of second lien noteholders
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July 20, 2015
07:44 EDTPENN, PNKRegional Gaming estimates raised at BofA/Merrill
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July 14, 2015
14:00 EDTPENN, CZRNew Jersey reports Atlantic City gaming win down 8.2% to $216.5M in June
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12:37 EDTCZROptions with increasing volume Micron
Options with increasing volume: GGP WMC KSU A WY TCK JKS EMC DHR AMJ CZR MU
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