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Market Overview

Mid-Morning Market Update: Markets Edge Higher; Eldorado To Buy Caesars For $17.3B

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Following the market opening Monday, the Dow traded up 0.27% to 26,791.18 while the NASDAQ rose 0.05% to 8,035.65. The S&P also rose, gaining 0.09% to 2,953.00.

Leading and Lagging Sectors

Financial shares gained 0.3% on Monday. Meanwhile, top gainers in the sector included Qudian Inc. (NYSE: QD), up 10%, and PPDAI Group Inc. (NYSE: PPDF), up 7%.

In trading on Monday, energy shares fell 0.6%.

Top Headline

Eldorado Resorts Inc (NASDAQ: ERI) will acquire Caesars Entertainment Corporation (NASDAQ: CZR) in a cash-and-stock transaction of $17.3 billion. Caesars is one of the world's largest gambling companies and has had a number of offers, including Golden Nugget, Tilman Fertitta's casino company and Boyd Gaming Corp.

Carl Icahn, who owns a 9.8% stake in Caesars , has commented he is "pleased" Eldorado will merge with Caesars. Back in January, Icahn pushed for Caesars to consider strategic alternatives.

Separately, VICI Properties Inc (NYSE: VICI) announced it will acquire the land of three casino properties from Eldorado Resorts for $3.2 billion..

Equities Trading UP

Minerva Neurosciences Inc (NASDAQ: NERV) shares shot up 59% to $6.73 after the company announced that its Phase 2B trial for the clinical trial of Seltorexant achieved its primary and key secondary objectives.

Shares of PCM Inc (NASDAQ: PCMI) got a boost, shooting up 42% to $34.67 after Insight announced plans to acquire PCM for $35 per share.

Krystal Biotech Inc (NASDAQ: KRYS) shares were also up, gaining 28% to $37.21, after the company announced positive results from its Phase 2 clinical trial of KB103 and received regenerative medicine advanced therapy designation from FDA.

Equities Trading DOWN

The Peck Company, Inc. (NASDAQ: PECK) shares tumbled 24% to $8.48 after falling 34.9% on Friday.

Shares of 360 Finance, Inc. (NASDAQ: QFIN) were down 15% to $11.76 after the company announced a proposed follow-on public offering of 7.5 million American depositary shares.

Pier 1 Imports, Inc. (NYSE: PIR) was down, falling 20% to $9.11 after dropping 23.5% on Friday. Pier 1 Imports announced a 1-for-20 reverse stock split Wednesday to regain compliance with New York Stock Exchangelisting standards. The company’s board of directors formally authorized a 1-for-20 reverse stock split of Pier 1’s common stock effective Thursday.

Commodities

In commodity news, oil traded up 0.9% to $57.94, while gold traded up 0.7% to $1,410.40.

Silver traded up 0.3% Monday to $15.34, while copper fell 0.3% to $2.6975.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, the Spanish Ibex Index fell 0.3%, while Italy’s FTSE MIB Index dropped 0.2%. Meanwhile, the German DAX slipped 0.6%, and the French CAC 40 fell 0.1% while UK shares rose 0.2%.

Economics

The Chicago Fed National Activity Index increased to a reading of -0.05 in May, versus a revised reading of -0.48 in the prior month.

The Dallas Fed manufacturing index for June will be released at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

 

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Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

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