Consumer Stocks Advancing Today; MTR Gaming Group Hits Jackpot With Eldorado Merger Deal

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Top Consumer Stocks

WMT +1%

MCD +0.2%

DIS +0.2%

CVS -0.1%

KO +0.2%

Consumer stocks are mostly higher today with shares of consumer staple companies in the S&P 500 gaining 0.4% while shares of consumer discretionary stocks in the S&P adding 0.7%.

In company news, MTR Gaming Group ( MNTG ) is 17% at $4.20 a share, earlier climbing to within 17 cents of its 52-week high of $4.67 after agreeing to a cash-and-stock merger with Eldorado Resorts.

As part of the transaction, Eldorado will offer a cash election option for current MNTG shareholders for up to 5.8 million shares at $5.15 apiece. MNTG's remaining common stock will be exchanged for shares in the combined companies.

The new company will remain publicly traded under the Eldorado Resorts Inc. brand.

In other sector news,

(+) YUM, (+2.4%) Reports 10% drop in Chinese same-store sales during August but said it expects same-store sales for its China division to continue improving, showing positive sales growth in Q4.

(-) TSLA, (-4.6%) Shares falling for third day in a row amid a fresh string of cautionary remarks by analysts that the electric auto-maker's stock price is outpacing the company's actual value.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: MNTG


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