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

By: MT Newswires
Posted: 9/9/2013 1:15:00 PM
Referenced Stocks: MNTG

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.