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 (
) 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
(-) 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
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