Caesars' CEO Purchases Nearly $1 Million of Shares
Well, that's one way to prop up a faltering stock.
Caesars Entertainment Corp. (CZR) CEO Mark P. Frissora has purchased $954,820 worth of stock in his own company, according to a filing with the U.S. Securities & Exchange Commission.
Frissora acquired 100,000 shares at an average price of $9.55 on August 3, increasing the number of shares directly owned by the executive by 5.1% to 2.05 million.
Frissora's vote of confidence in his company is resonating on Wall Street Monday, sending the stock soaring 5.2% after dropping 13% over the past month and 27% over the past six months since the stock reached a 52-week high of $14.50.
Las Vegas stocks were routed last week, especially those with exposure in the Chinese gaming enclave in Macau, following weaker-than-expected gaming revenue numbers out of China.
In a sign that the run on casino stocks last week may have been overdone, fellow gaming companies were also rising Monday.
SeaWorld Shares Jump as Attendance Recovers
Shares of SeaWorld Entertainment (SEAS) are up 16.4% Monday after the sea animal attraction park reported a jump in revenue after multiple quarters of decline due to bad press from a documentary entitled "Blackfish" that placed the park in a bad light.
SeaWorld reported a 4.8% increase in second-quarter attendance as 6.4 million went through the park's turnstiles. Revenue climbed 4.9% to $392 million. Seaworld also swung to a profit of $23 million after losing $176 million a year ago.
"We are seeing growth in attendance and revenue as a result of our new pricing strategies, enhanced communications activities and strong operational execution," SeaWorld interim CEO John Reilly said in a statement.
Wynn Resorts Names Phil Satre as New Vice Chairman
Wynn Resorts (WYNN) is continuing its reconstruction following the ouster of co-founder Steve Wynn, naming Phil Satre as the company's new vice chairman.
The move is part of a settlement between the casino and the casino's other co-founder, Elaine Wynn, who has been pushing to reorganize the company's board.
The company also said that it will reimburse Elaine Wynn up to $5million for out of pocket expenses related to the company's 2018 annual meeting an negotiations.
MoviePass Continues Evolution, to Limit Customers to 3 Movies a Month
In an effort to slow down its cash burn, movie theater subscription service MoviePass is now limiting the number of movies available through its service to three per month.
The move comes just days after the company suspended service because it did not have enough funds to pay for its customers' movie tickets.
Moviepass also recently raised its monthly subscription price to $14.99 from $9.99. MoviePass' parent company Helios and Matheson was up 41.57% to 10 cents per share Monday morning.
Toyota Says Trump Tariffs Will Add $3,000 to Car Pricetags
Toyota (TM) put a price tag on the pending 25% tariffs on auto imports. $3,000.
"A 25 percent tariff on automotive imports, which is just a tax on consumers, would increase the cost of every vehicle sold in the country," Toyota said in a statement to CNBC.
The news network noted that the cost to produce a Camry sedan at its plant in Kentucky would cost an extra $1,800 if a 25% tariff took effect.
Pepsi CEO Indra Nooyi Steps Down
PepsiCo (PEP) CEO Indra Nooyi announced that she is stepping down from the global consumer foods brand after 12 years at the helm.
The transition will become official on October 3 when company insider Ramon Laguarta will take over as head of the company. Nooyi will remain on the company's board through early 2019.
The beverage and snacks giant smashed analyst profit forecasts by nine cents a share, posting adjusted earnings of $1.61 a share on the back of cost cuts in its various divisions. At $16.1 billion, net revenue was slightly ahead of consensus estimates. Organic revenue, which reflects the core operations of PepsiCo and excludes currency fluctuations, rose a modest 2.6%.
U.S. futures were rising slightly ahead of Monday's opening bell, as markets look to continue the momentum from Friday's session.
Dow futures were rising 0.1%, indicating an open 25 points higher, while S&P futures rose 0.08%, indicating an open 2 points higher, while Nasdaq futures rose 0.15%, indicating an open 11 points higher.
Asian markets had a mixed session with the Hang Seng rising 0.52%, while the Shanghai Composite dropped 1.29%, while the Nikkei fell 0.08%.
European stocks were mostly higher, with the CAC 40 rising 0.15%, the DAX gaining 0.53%, and the FTSE 100 up 0.07% with about four hours left in trading.