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  • 11/16/2017 14:49:41

    Caesars to acquire Centaur Holdings for $1.7 billion

    Caesars Entertainment Corp. said late Thursday that it is buying Centaur Holdings LLC for $1.7 billion in cash. Caesars stock is up less than 1% to $12.85 in late trading. The acquisition will add two Indiana-based Hoosier Park Racing and Casino and Indiana Grand Racing and Casino to the company's Total Rewards network, Caesars said in a statement. Executives expect the transaction to close in the first half of 2018. "We believe the acquisition of Centaur is the best use of capital to support our growth plans and the long-term value of Caesars Entertainment," Chief Executive Mark Frissora said in a statement. "Our network expansion plan is off to a great start with this strategic transaction and we continue to have a strong financial position with solid cash flows to pursue other expansion opportunities with attractive returns." Caesars stock has gained 50% this year, with the S&P 500 index rising 15%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 11/13/2017 09:14:54

    Lyft announces plan to launch in Toronto in December

    Ride-sharing service Lyft said Monday it is planning to launch in Toronto in December in its first foray outside of the U.S. The company and Uber rival announced the news in a blog posting. "We've been looking forward to taking our brand of ridesharing international for some time," said the blog post, titled "Canada, here we come." In October, Lyft raised $1 billion in funding in a round led by the venture-capital fund of Google parent Alphabet Inc., that gave it a valuation of $11 billion. Lyft has raised $3.6 billion in funding since it launched in 2012, compared with the roughly $15 billion raised by Uber, which has a valuation of about $68 billion, according to The Wall Street Journal. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 11/13/2017 05:46:59

    Tyson shares rise after earnings and sales beat

    Tyson Foods Inc. shares rose 3.9% in Monday premarket trading after the company reported fourth-quarter earnings and sales beat estimates. Net income totaled $394.0 million, or $1.07 per share, up from $391.0 million, or $1.03 per share, for the same period last year. Adjusted EPS was $1.43, beating the $1.35 FactSet consensus. Revenue was $10.1 billion, up from $9.2 billion last year and beating the $9.9 billion FactSet estimate. Tyson brands include Jimmy Dean, Hillshire Farm, Ball Park and its namesake. The company began to divest itself of non-protein businesses during the quarter, part of an effort to focus on protein brands. And the company is integrating AdvancePierre Foods, a recent acquisition, that will provide manufacturing capabilities for sandwiches and prepared foods and increase Tyson's presence at convenience stores, according to a statement from Chief Executive Tom Hayes. The company expects $200 million in savings in fiscal 2018, fiscal year capital expenditures of $1.4 billion, and doesn't plan to repurchase shares until it a net debt of around twice EBITDA (earnings before interest, taxes, depreciation and amortization). Tyson shares are up 13.1% for the last three months, and up 20.2% for the year so far. The S&P 500 index is up 15.3% for 2017 to date.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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