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