The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
Billionaire owner of the Golden Nugget Casinos Tilman Fertitta wants to make a deal with Caesars Entertainment that values the casino at $13 per share, sources told CNBC Wednesday.
The merger, which was proposed about a week ago, would exchange stock in a private company owned by Fertitta for shares in Caesars, at the same multiple that Caesars currently trades, according to sources. There would then be somewhere between a $2 billion and $3 billion dutch tender to give Caesars shareholders an option to sell, according to people familiar with the deal.
Fertitta's hospitality company Landry's includes the Golden Nugget Casinos, Morton's steakhouses, Mastro's, Bubba Gump Shrimp, Rainforest Cafe and a host of restaurants and hotels. If the deal is approved, Fertitta would put many of his existing restaurants and brands into Caesars locations. Sources told CNBC the transaction would not involve Fertitta's Houston Rockets.
Fertitta would be chairman and CEO and the largest shareholder of the combined company, sources said. The merger would create one of the largest gaming and hospitality companies in the world, and launch Fertitta and Landry's back into the markets again as a public enterprise.
Fertitta and Landry's declined to comment on the details of a potential deal.
Fertitta and his advisors sent a proposal to U.S. casino operator Caesars Entertainment about merging last week, source said. Fertitta's proposal has not been responded to yet and no agreement has been made, sources told CNBC.
The arrangement would be a reverse merger where Caesars is the the acquirer, Reuters reported earlier Wednesday. Caesars shareholders, including private equity firms Apollo Global Management and TPG Global, would remain shareholders in the combined company, according to Reuters.
Shares of Caesars Entertainment jumped more than 14 percent to $10.40 Wednesday. The stock is down more than 16 percent year to date.
Caesars is exploring other acquisitions after emerging from bankruptcy last year, Reuters reported. It is simultaneously exploring an offer for casino company Jack Entertainment, owned by Quicken Loans founder Dan Gilbert.
— CNBC's Kate Rooney contributed to this report.